Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Down on Disappointing Earnings

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s stock price gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $18.18, but opened at $15.89. Avadel Pharmaceuticals shares last traded at $16.98, with a volume of 1,126,731 shares traded.

The company reported ($0.30) EPS for the quarter, missing the consensus estimate of ($0.25) by ($0.05). The company had revenue of $27.18 million for the quarter, compared to the consensus estimate of $25.89 million. During the same period in the previous year, the firm posted ($0.48) earnings per share. The business’s quarterly revenue was up 2617.8% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Piper Sandler boosted their price target on shares of Avadel Pharmaceuticals from $18.00 to $23.00 and gave the stock an “overweight” rating in a research report on Tuesday, March 5th. Needham & Company LLC restated a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a research report on Wednesday. Oppenheimer lifted their price objective on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a research report on Tuesday, March 5th. HC Wainwright boosted their price objective on Avadel Pharmaceuticals from $25.00 to $27.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Craig Hallum raised their target price on Avadel Pharmaceuticals from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $24.17.

Institutional Trading of Avadel Pharmaceuticals

Several hedge funds have recently made changes to their positions in the business. Chilton Capital Management LLC acquired a new position in shares of Avadel Pharmaceuticals during the first quarter worth $51,000. BNP Paribas Financial Markets boosted its position in shares of Avadel Pharmaceuticals by 60.5% during the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock worth $75,000 after acquiring an additional 1,685 shares in the last quarter. Quantbot Technologies LP purchased a new position in shares of Avadel Pharmaceuticals in the 3rd quarter valued at about $78,000. Quarry LP acquired a new stake in shares of Avadel Pharmaceuticals during the 4th quarter worth about $120,000. Finally, Claro Advisors LLC purchased a new stake in Avadel Pharmaceuticals during the first quarter worth approximately $172,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

Avadel Pharmaceuticals Stock Down 2.6 %

The stock has a fifty day moving average of $16.75 and a 200-day moving average of $14.39. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of -7.76 and a beta of 1.61.

Avadel Pharmaceuticals Company Profile

Avadel Pharmaceuticals plc operates as a biopharmaceutical company in the United States. Its lead product candidate is LUMRYZ, a formulation of sodium oxybate, which is in a Phase 3 clinical trial for the treatment of excessive daytime sleepiness or cataplexy in adults with narcolepsy. The company was formerly known as Flamel Technologies SA and changed its name to Avadel Pharmaceuticals plc in January 2017.