Avadel Pharmaceuticals (NASDAQ:AVDL) Announces Quarterly Earnings Results

Avadel Pharmaceuticals (NASDAQ:AVDL) announced its earnings results on Tuesday. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.03, Briefing.com reports. Avadel Pharmaceuticals had a negative return on equity of 122.64% and a negative net margin of 111.64%. The business had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. During the same period in the prior year, the company posted ($0.41) EPS. The business’s quarterly revenue was up 624.6% on a year-over-year basis.

Avadel Pharmaceuticals Price Performance

NASDAQ AVDL traded down $0.77 during trading hours on Wednesday, hitting $12.38. 676,806 shares of the company’s stock traded hands, compared to its average volume of 1,164,520. The company has a market capitalization of $1.19 billion, a PE ratio of -10.78 and a beta of 1.47. Avadel Pharmaceuticals has a 52-week low of $10.39 and a 52-week high of $19.09. The firm’s 50-day moving average is $13.67 and its 200-day moving average is $15.12.

Wall Street Analyst Weigh In

A number of research firms have weighed in on AVDL. Needham & Company LLC restated a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday. Oppenheimer upped their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, HC Wainwright lowered their price objective on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $24.43.

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.