Ladenburg Thalmann Financial Services Trims Avadel Pharmaceuticals (NASDAQ:AVDL) Target Price to $24.00

Avadel Pharmaceuticals (NASDAQ:AVDL) had its price objective dropped by Ladenburg Thalmann Financial Services to $24.00 in a research report issued on Friday, March 9th. The brokerage currently has a “buy” rating on the stock. Ladenburg Thalmann Financial Services’ target price would suggest a potential upside of 234.73% from the company’s previous close.

AVDL has been the subject of a number of other research reports. Zacks Investment Research lowered Avadel Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Tuesday, January 9th. BidaskClub downgraded Avadel Pharmaceuticals from a “sell” rating to a “strong sell” rating in a research note on Thursday, December 21st. Finally, Roth Capital set a $14.00 price target on Avadel Pharmaceuticals and gave the stock a “buy” rating in a research note on Wednesday, January 3rd. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Avadel Pharmaceuticals currently has a consensus rating of “Hold” and an average target price of $20.00.

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Shares of AVDL traded down $0.12 during midday trading on Friday, reaching $7.17. The stock had a trading volume of 760,811 shares, compared to its average volume of 483,029. Avadel Pharmaceuticals has a 12-month low of $6.71 and a 12-month high of $11.93. The stock has a market capitalization of $292.21, a P/E ratio of 23.13 and a beta of 1.55.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its earnings results on Thursday, March 8th. The company reported ($0.28) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.23) by ($0.05). Avadel Pharmaceuticals had a net margin of 38.64% and a return on equity of 15.40%. The company had revenue of $34.20 million during the quarter, compared to the consensus estimate of $34.16 million. Avadel Pharmaceuticals’s revenue was down 20.6% on a year-over-year basis. research analysts expect that Avadel Pharmaceuticals will post -1.29 EPS for the current fiscal year.

Avadel Pharmaceuticals announced that its board has approved a share buyback plan on Tuesday, March 27th that allows the company to buyback $7.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.7% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

A number of large investors have recently bought and sold shares of the business. State Street Corp raised its holdings in Avadel Pharmaceuticals by 1.7% during the second quarter. State Street Corp now owns 31,782 shares of the company’s stock valued at $351,000 after acquiring an additional 523 shares during the period. Trexquant Investment LP grew its position in Avadel Pharmaceuticals by 18.7% in the third quarter. Trexquant Investment LP now owns 36,218 shares of the company’s stock worth $380,000 after acquiring an additional 5,718 shares in the last quarter. State of Tennessee Treasury Department grew its position in Avadel Pharmaceuticals by 32.7% in the third quarter. State of Tennessee Treasury Department now owns 23,291 shares of the company’s stock worth $245,000 after acquiring an additional 5,736 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in Avadel Pharmaceuticals by 37.2% in the second quarter. Public Employees Retirement System of Ohio now owns 57,690 shares of the company’s stock worth $636,000 after acquiring an additional 15,657 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new position in Avadel Pharmaceuticals in the third quarter worth about $184,000. 65.76% of the stock is currently owned by institutional investors and hedge funds.

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Avadel Pharmaceuticals Company Profile

Avadel Pharmaceuticals plc develops and commercializes pharmaceutical products primarily for treating urology and sleep medicines in the United States, France, and Ireland. Its commercial products that are used in the hospital setting include Bloxiverz, a drug used in the operating room for the reversal of the effects of non-depolarizing neuromuscular blocking agents after surgery; Vazculep, a phenylephrine hydrochloride injection that is used for the treatment of hypotension occurring in the setting of anesthesia; and Akovaz, an ephedrine sulfate injection for treating hypotension, as well as Noctiva for treating nocturia due to nocturnal polyuria.

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