Avadel Pharmaceuticals Analysts Increase Their Forecasts After Q4 Results

Avadel Pharmaceuticals plc AVDL reported better-than-expected fourth-quarter revenue results and also issued a corporate update on Monday.

Avadel Pharmaceuticals posted a quarterly loss of 32 cents per share, compared to market expectations for a loss of 29 cents per share. The company’s quarterly sales came in at $19.45 million versus estimates of $18.11 million, according to data from Benzinga Pro.

“We are carrying significant momentum into 2024 following the successful launch of LUMRYZ and are pleased with the strong early launch results we have seen. We have established a strong foundation with patients, prescribers and payers to build on and advance our mission of transforming the lives of people living with narcolepsy,” said Greg Divis, Chief Executive Officer of Avadel Pharmaceuticals.

Avadel Pharmaceuticals shares gained 17.6% to close at $16.13 on Monday.

These analysts made changes to their price targets on Avadel Pharmaceuticals after the company reported quarterly results.

• Needham raised the price target on Avadel Pharmaceuticals from $20 to $22. Needham analyst Ami Fadia maintained a Buy rating.
• Piper Sandler boosted the price target on Avadel Pharmaceuticals from $18 to $23. Piper Sandler analyst David Amsellem maintained an Overweight rating.
• HC Wainwright & Co. raised the price target on Avadel Pharmaceuticals from $21 to $25. HC Wainwright & Co. analyst Oren Livnat maintained a Buy rating.
• Oppenheimer raised the price target on Avadel Pharmaceuticals from $27 to $29. Oppenheimer analyst Francois Brisebois maintained an Outperform rating.

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