Why Shares of Avadel Soared This Week

Shares of Avadel Pharmaceuticals (NASDAQ: AVDL) were up as much as 45.5% for the week as of late Friday afternoon, according to data provided by S&P Global Market Intelligence. The healthcare stock closed at $10.48 a share last week then climbed to as high as $15.78 this Friday. The stock is up more than 114% so far this year.

It was a big week for the company. On Monday, it reported that the Food and Drug Administration (FDA) had approved the company's first product, Lumryz, to treat excessive daytime sleepiness in adults with narcolepsy. The drug, a formulation of sodium oxybate, is the first FDA-approved, once-at-bedtime oxybate for narcolepsy.

Then on Wednesday, the company announced first-quarter earnings where it said it plans an early June launch for Lumryz. The company had no revenue in the quarter and lost $30.8 million, or $0.48 in earnings per share (EPS), compared to a loss of $26.4 million, or $0.45 in EPS loss in the same period last year.

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Source Fool.com