Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Down 7.3% Following Weak Earnings

Avadel Pharmaceuticals plc (NASDAQ:AVDL) traded down 7.3% during mid-day trading on Thursday following a weaker than expected earnings announcement. The company traded as low as $14.77 and last traded at $15.06. 1,090,626 shares were traded during mid-day trading, a decline of 10% from the average session volume of 1,217,203 shares. The stock had previously closed at $16.25.

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

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on AVDL shares. Oppenheimer increased their price objective on Avadel Pharmaceuticals from $27.00 to $29.00 and gave the stock an “outperform” rating in a report on Tuesday, March 5th. Needham & Company LLC reiterated a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Wednesday. Piper Sandler raised their target price 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. Craig Hallum increased their price target on shares of Avadel Pharmaceuticals from $22.00 to $23.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, HC Wainwright lifted their price objective on Avadel Pharmaceuticals from $21.00 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, March 5th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $23.83.

Institutional Trading of Avadel Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the company. RTW Investments LP lifted its position in Avadel Pharmaceuticals by 4.8% in the third quarter. RTW Investments LP now owns 7,136,415 shares of the company’s stock worth $73,505,000 after buying an additional 325,774 shares during the last quarter. Gendell Jeffrey L grew its stake in Avadel Pharmaceuticals by 4.1% in the third quarter. Gendell Jeffrey L now owns 5,615,350 shares of the company’s stock valued at $57,838,000 after purchasing an additional 219,290 shares during the last quarter. Vivo Capital LLC lifted its position in shares of Avadel Pharmaceuticals by 7.0% during the third quarter. Vivo Capital LLC now owns 4,096,428 shares of the company’s stock valued at $42,193,000 after buying an additional 266,851 shares during the last quarter. Wealth Effects LLC grew its holdings in Avadel Pharmaceuticals by 0.3% in the fourth quarter. Wealth Effects LLC now owns 2,416,326 shares of the company’s stock worth $34,119,000 after purchasing an additional 7,037 shares during the last quarter. Finally, Brandes Investment Partners LP raised its stake in Avadel Pharmaceuticals by 5.9% in the fourth quarter. Brandes Investment Partners LP now owns 1,533,614 shares of the company’s stock valued at $21,655,000 after buying an additional 84,842 shares during the last quarter. Institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Trading Down 5.5 %

The stock has a market capitalization of $1.39 billion, a PE ratio of -7.36 and a beta of 1.61. The company’s 50-day moving average is $16.69 and its 200 day moving average is $14.38.

About Avadel Pharmaceuticals

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.