Avadel Pharmaceuticals plc (NASDAQ:AVDL) Director Purchases $199,545.36 in Stock

Avadel Pharmaceuticals plc (NASDAQ:AVDL) Director Geoffrey Michael Glass bought 20,279 shares of the firm’s stock in a transaction on Tuesday, December 10th. The shares were bought at an average cost of $9.84 per share, with a total value of $199,545.36. Following the transaction, the director now directly owns 75,904 shares of the company’s stock, valued at approximately $746,895.36. This trade represents a 36.46 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ:AVDL traded down $0.15 on Tuesday, hitting $10.00. 1,338,183 shares of the company were exchanged, compared to its average volume of 1,199,989. The company’s 50 day moving average price is $12.64 and its two-hundred day moving average price is $14.32. Avadel Pharmaceuticals plc has a one year low of $9.41 and a one year high of $19.09. The firm has a market capitalization of $963.60 million, a price-to-earnings ratio of -12.95 and a beta of 1.32.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) EPS 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 the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The company’s quarterly revenue was up 624.6% on a year-over-year basis. During the same quarter last year, the company earned ($0.41) EPS. Research analysts predict that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Institutional investors and hedge funds have recently bought and sold shares of the business. FMR LLC bought a new position in shares of Avadel Pharmaceuticals during the 3rd quarter worth about $31,000. Amalgamated Bank acquired a new position in Avadel Pharmaceuticals in the second quarter worth about $45,000. Quarry LP bought a new position in Avadel Pharmaceuticals during the second quarter worth about $63,000. Advisors Asset Management Inc. boosted its holdings in Avadel Pharmaceuticals by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock valued at $104,000 after purchasing an additional 2,846 shares in the last quarter. Finally, Beverly Hills Private Wealth LLC bought a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter valued at approximately $146,000. Institutional investors own 69.19% of the company’s stock.

Wall Street Analyst Weigh In

AVDL has been the subject of several recent analyst reports. HC Wainwright decreased their price objective on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, November 13th. Needham & Company LLC reissued a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th. Finally, Oppenheimer lifted their price objective on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Avadel Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $24.43.

About Avadel Pharmaceuticals

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.