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

Avadel Pharmaceuticals plc (NASDAQ:AVDL) CFO Thomas S. Mchugh bought 2,300 shares of the firm’s stock in a transaction on Friday, December 13th. The stock was purchased at an average cost of $10.44 per share, with a total value of $24,012.00. Following the completion of the acquisition, the chief financial officer now directly owns 87,800 shares of the company’s stock, valued at approximately $916,632. The trade was a 2.69 % increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Avadel Pharmaceuticals Price Performance

AVDL stock opened at $10.93 on Tuesday. 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 $1.05 billion, a P/E ratio of -13.84 and a beta of 1.32. The stock’s fifty day moving average price is $12.39 and its 200-day moving average price is $14.14.

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

Wall Street Analyst Weigh In

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

Institutional Trading of Avadel Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the business. Braidwell LP raised its position in Avadel Pharmaceuticals by 16.9% in the third quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock worth $44,446,000 after acquiring an additional 490,300 shares during the period. State Street Corp increased its stake in shares of Avadel Pharmaceuticals by 42.5% in the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company’s stock worth $21,290,000 after purchasing an additional 483,787 shares in the last quarter. Brandes Investment Partners LP raised its holdings in Avadel Pharmaceuticals by 1.5% in the 2nd quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock worth $20,894,000 after purchasing an additional 21,214 shares during the period. 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 valued at $8,473,000 after purchasing an additional 2,159 shares in the last quarter. Finally, Lord Abbett & CO. LLC grew its holdings in Avadel Pharmaceuticals by 23.9% during the third quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock valued at $6,414,000 after purchasing an additional 94,239 shares during the period. 69.19% of the stock is currently owned by institutional investors.

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.