Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Up – Still a Buy?

Avadel Pharmaceuticals plc (NASDAQ:AVDL) shares gapped up before the market opened on Thursday . The stock had previously closed at $12.91, but opened at $16.48. Avadel Pharmaceuticals shares last traded at $15.03, with a volume of 2,090,891 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on AVDL shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Thursday. HC Wainwright reiterated a “buy” rating and set a $27.00 target price on shares of Avadel Pharmaceuticals in a research report on Monday, October 21st. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $24.57.

Avadel Pharmaceuticals Stock Performance

The company’s 50 day moving average price is $13.74 and its 200 day moving average price is $15.28. The company has a market cap of $1.44 billion, a price-to-earnings ratio of -8.00 and a beta of 1.50.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.14) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.03. Avadel Pharmaceuticals had a negative net margin of 111.64% and a negative return on equity of 122.64%. The firm had revenue of $41.50 million for the quarter, compared to analysts’ expectations of $37.47 million. During the same period in the prior year, the firm earned ($0.70) earnings per share. The company’s quarterly revenue was up 2666.7% compared to the same quarter last year. As a group, analysts predict that Avadel Pharmaceuticals plc will post -0.5 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Creative Planning increased its stake in shares of Avadel Pharmaceuticals by 8.2% in the 3rd quarter. Creative Planning now owns 12,381 shares of the company’s stock valued at $162,000 after buying an additional 938 shares during the period. BNP Paribas Financial Markets boosted its stake in shares of Avadel Pharmaceuticals by 60.5% in the 1st quarter. BNP Paribas Financial Markets now owns 4,469 shares of the company’s stock valued at $75,000 after purchasing an additional 1,685 shares during the last quarter. Investors Asset Management of Georgia Inc. GA ADV grew its position in shares of Avadel Pharmaceuticals by 2.4% during the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 89,475 shares of the company’s stock worth $1,258,000 after buying an additional 2,100 shares during the period. Modera Wealth Management LLC raised its stake in shares of Avadel Pharmaceuticals by 0.4% during the second quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock worth $8,473,000 after buying an additional 2,159 shares during the last quarter. Finally, Diversify Wealth Management LLC lifted its holdings in Avadel Pharmaceuticals by 8.3% in the third quarter. Diversify Wealth Management LLC now owns 31,637 shares of the company’s stock valued at $418,000 after buying an additional 2,432 shares during the period. Institutional investors and hedge funds own 69.19% of the company’s stock.

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.