Insider Buying: Avadel Pharmaceuticals plc (NASDAQ:AVDL) CFO Buys 2,300 Shares of Stock

Avadel Pharmaceuticals plc (NASDAQ:AVDL) CFO Thomas S. Mchugh acquired 2,300 shares of the firm’s stock in a transaction on Friday, December 13th. The shares were acquired at an average price of $10.44 per share, with a total value of $24,012.00. Following the completion of the purchase, the chief financial officer now owns 87,800 shares in the company, valued at approximately $916,632. This trade represents a 2.69 % increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this link.

Avadel Pharmaceuticals Price Performance

Shares of AVDL stock opened at $10.33 on Thursday. Avadel Pharmaceuticals plc has a 1-year low of $9.41 and a 1-year high of $19.09. The company has a market cap of $995.42 million, a price-to-earnings ratio of -13.08 and a beta of 1.32. The stock has a 50 day simple moving average of $12.35 and a 200-day simple moving average of $14.10.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.03. The company had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The firm’s revenue for the quarter was up 624.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.41) earnings per share. Analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on AVDL shares. Oppenheimer increased their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. HC Wainwright dropped their target price on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday, November 12th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Avadel Pharmaceuticals currently has a consensus rating of “Buy” and an average price target of $24.43.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of large investors have recently modified their holdings of the business. Braidwell LP raised its holdings in Avadel Pharmaceuticals by 16.9% in the 3rd quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock valued at $44,446,000 after acquiring an additional 490,300 shares during the last quarter. State Street Corp increased its holdings in shares of Avadel Pharmaceuticals by 42.5% in the third quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after purchasing an additional 483,787 shares during the last quarter. Brandes Investment Partners LP lifted its position in Avadel Pharmaceuticals by 1.5% during the second quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock worth $20,894,000 after buying an additional 21,214 shares in the last quarter. Modera Wealth Management LLC lifted its position in 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 in the last quarter. Finally, Lord Abbett & CO. LLC boosted its stake in Avadel Pharmaceuticals by 23.9% during the third quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock worth $6,414,000 after buying an additional 94,239 shares during the last quarter. Hedge funds and other institutional investors 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.