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Here's Why You Should Invest in Avadel (AVDL) Stock Now
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Avadel Pharmaceuticals (AVDL - Free Report) achieved some critical milestones in 2023, including the FDA approval of its only commercial medicine Lumryz in May.
Lumryz is the first and only FDA-approved once-at-bedtime oxybate medicine for treating cataplexy or excessive daytime sleepiness (EDS) in adults with narcolepsy. Lumryz is witnessing robust demand across all three patient segments of the eligible narcolepsy patient population. Lumryz’s fourth-quarter 2023 preliminary sales were approximately $19 million, which is quite encouraging for a new medicine. For full-year 2023, the preliminary sales figure was $28 million.
A supplemental new drug application seeking approval of Lumryz in the pediatric narcolepsy patient population is under review with the FDA, with a decision expected in September 2024. If approved for use in the pediatric population, it will increase the total addressable market for Lumryz.
In 2023, Avadel Pharmaceuticals also received seven years of Orphan Drug Exclusivity for Lumryz for the treatment of cataplexy or EDS in adults with narcolepsy. The company has also successfully secured key coverage policy decisions with payers. Recently, CVS decided to move Lumryz to preferred status within its commercial formularies, effective Jan 1, 2024.
Avadel Pharmaceuticals believes Lumryz has the potential to capture a meaningful share of the multibillion-dollar oxybate market.
Avadel Pharmaceuticals stock has surged 124.7% in the past year against a decrease of 4.1% for the industry.
Image Source: Zacks Investment Research
Avadel Pharmaceuticals carries a Zacks Rank #2 (Buy) currently. In the past 60 days, the consensus estimate for Avadel Pharmaceuticals 2024 loss has narrowed from 49 cents per share to 44 cents per share.
In the past 60 days, estimates for Regeneron’s 2024 earnings have risen from $41.57 per share to $43.66 per share. Regeneron’s stock has surged 27.6% in the past year.
Regeneron beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 12.34%.
In the past 60 days, the consensus estimate for Fusion Pharmaceuticals’ 2024 loss has narrowed from $1.45 per share to $1.38 per share. Fusion Pharmaceuticals’ stock has risen 149.7% in the past year.
Earnings of Fusion Pharmaceuticals beat estimates in three of the last four quarters while missing the same on the remaining occasion. FUSN delivered a four-quarter average negative earnings surprise of 2.90%.
In the past 60 days, estimates for Puma Biotechnology’s 2024 earnings per share have improved from 62 cents to 69 cents. In the past year, shares of PBYI have risen 8.0%.
Earnings of Puma Biotechnology beat estimates in three of the last four quarters while missing the same on the remaining occasion. PBYI delivered a four-quarter average earnings surprise of 76.55%.
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Here's Why You Should Invest in Avadel (AVDL) Stock Now
Avadel Pharmaceuticals (AVDL - Free Report) achieved some critical milestones in 2023, including the FDA approval of its only commercial medicine Lumryz in May.
Lumryz is the first and only FDA-approved once-at-bedtime oxybate medicine for treating cataplexy or excessive daytime sleepiness (EDS) in adults with narcolepsy. Lumryz is witnessing robust demand across all three patient segments of the eligible narcolepsy patient population. Lumryz’s fourth-quarter 2023 preliminary sales were approximately $19 million, which is quite encouraging for a new medicine. For full-year 2023, the preliminary sales figure was $28 million.
A supplemental new drug application seeking approval of Lumryz in the pediatric narcolepsy patient population is under review with the FDA, with a decision expected in September 2024. If approved for use in the pediatric population, it will increase the total addressable market for Lumryz.
In 2023, Avadel Pharmaceuticals also received seven years of Orphan Drug Exclusivity for Lumryz for the treatment of cataplexy or EDS in adults with narcolepsy. The company has also successfully secured key coverage policy decisions with payers. Recently, CVS decided to move Lumryz to preferred status within its commercial formularies, effective Jan 1, 2024.
Avadel Pharmaceuticals believes Lumryz has the potential to capture a meaningful share of the multibillion-dollar oxybate market.
Avadel Pharmaceuticals stock has surged 124.7% in the past year against a decrease of 4.1% for the industry.
Image Source: Zacks Investment Research
Avadel Pharmaceuticals carries a Zacks Rank #2 (Buy) currently. In the past 60 days, the consensus estimate for Avadel Pharmaceuticals 2024 loss has narrowed from 49 cents per share to 44 cents per share.
Avadel Pharmaceuticals PLC. Price and Consensus
Avadel Pharmaceuticals PLC. price-consensus-chart | Avadel Pharmaceuticals PLC. Quote
Other Stocks to Consider
Some other top-ranked biotech companies are Regeneron Pharmaceuticals (REGN - Free Report) , Fusion Pharmaceuticals (FUSN - Free Report) and Puma Biotechnology (PBYI - Free Report) , sporting a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Regeneron’s 2024 earnings have risen from $41.57 per share to $43.66 per share. Regeneron’s stock has surged 27.6% in the past year.
Regeneron beat estimates in each of the trailing four quarters, delivering an average earnings surprise of 12.34%.
In the past 60 days, the consensus estimate for Fusion Pharmaceuticals’ 2024 loss has narrowed from $1.45 per share to $1.38 per share. Fusion Pharmaceuticals’ stock has risen 149.7% in the past year.
Earnings of Fusion Pharmaceuticals beat estimates in three of the last four quarters while missing the same on the remaining occasion. FUSN delivered a four-quarter average negative earnings surprise of 2.90%.
In the past 60 days, estimates for Puma Biotechnology’s 2024 earnings per share have improved from 62 cents to 69 cents. In the past year, shares of PBYI have risen 8.0%.
Earnings of Puma Biotechnology beat estimates in three of the last four quarters while missing the same on the remaining occasion. PBYI delivered a four-quarter average earnings surprise of 76.55%.