Insider Buying: Avadel Pharmaceuticals plc (NASDAQ:AVDL) Director Acquires 10,000 Shares of Stock

Avadel Pharmaceuticals plc (NASDAQ:AVDL) Director Peter J. Thornton bought 10,000 shares of the stock in a transaction on Monday, January 13th. The shares were bought at an average cost of $8.04 per share, with a total value of $80,400.00. Following the purchase, the director now owns 104,055 shares of the company’s stock, valued at $836,602.20. This trade represents a 10.63 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Avadel Pharmaceuticals Price Performance

AVDL opened at $8.16 on Thursday. The stock has a market capitalization of $786.31 million, a price-to-earnings ratio of -10.33 and a beta of 1.31. The business has a fifty day moving average price of $10.85 and a 200 day moving average price of $13.36. Avadel Pharmaceuticals plc has a 12 month low of $7.39 and a 12 month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its earnings results 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. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The firm had revenue of $50.00 million for the quarter, compared to analyst estimates of $48.43 million. During the same period in the prior year, the firm earned ($0.41) earnings per share. The business’s quarterly revenue was up 624.6% compared to the same quarter last year. On average, research analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. UBS Group lowered their price objective on shares of Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research report on Monday. Needham & Company LLC dropped their price objective on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, January 9th. HC Wainwright reissued a “buy” rating and set a $21.00 target price (down previously from $25.00) on shares of Avadel Pharmaceuticals in a research note on Friday, January 10th. Piper Sandler lowered their target price on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a report on Friday, January 10th. Finally, Oppenheimer boosted their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $21.00.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Braidwell LP increased its holdings in Avadel Pharmaceuticals by 16.9% in the third quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock valued at $44,446,000 after buying an additional 490,300 shares during the last quarter. State Street Corp boosted its position in shares of Avadel Pharmaceuticals by 42.5% during the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company’s stock worth $21,290,000 after acquiring an additional 483,787 shares in the last quarter. Brandes Investment Partners LP boosted its position in shares of Avadel Pharmaceuticals by 1.5% during the 2nd quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock worth $20,894,000 after acquiring an additional 21,214 shares in the last quarter. Lord Abbett & CO. LLC increased its holdings in shares of Avadel Pharmaceuticals by 23.9% in the 3rd quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock valued at $6,414,000 after acquiring an additional 94,239 shares during the last quarter. Finally, Barclays PLC raised its position in shares of Avadel Pharmaceuticals by 45.8% during the 3rd quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after acquiring an additional 123,430 shares in the last quarter. 69.19% of the stock is currently owned by institutional investors and hedge funds.

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.