Insider Buying: Avadel Pharmaceuticals plc (NASDAQ:AVDL) CEO Purchases 9,598 Shares of Stock

Avadel Pharmaceuticals plc (NASDAQ:AVDL) CEO Gregory J. Divis bought 9,598 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were purchased at an average price of $9.98 per share, for a total transaction of $95,788.04. Following the transaction, the chief executive officer now owns 9,598 shares of the company’s stock, valued at $95,788.04. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Avadel Pharmaceuticals Price Performance

AVDL traded down $0.15 on Tuesday, reaching $10.00. The company’s stock had a trading volume of 1,338,183 shares, compared to its average volume of 1,199,989. Avadel Pharmaceuticals plc has a 1 year low of $9.41 and a 1 year high of $19.09. The business’s 50 day moving average is $12.64 and its 200 day moving average is $14.32. The stock has a market cap of $963.60 million, a price-to-earnings ratio of -12.95 and a beta of 1.32.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate 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 return on equity of 93.34% and a negative net margin of 52.53%. The business’s revenue was up 624.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.41) EPS. As a group, research analysts forecast that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AVDL. Barclays PLC raised its stake in shares of Avadel Pharmaceuticals by 45.8% in the 3rd quarter. Barclays PLC now owns 392,691 shares of the company’s stock valued at $5,150,000 after purchasing an additional 123,430 shares in the last quarter. MML Investors Services LLC raised its stake in Avadel Pharmaceuticals by 13.8% during the third quarter. MML Investors Services LLC now owns 136,356 shares of the company’s stock valued at $1,788,000 after buying an additional 16,500 shares in the last quarter. Dorsey Wright & Associates raised its stake in Avadel Pharmaceuticals by 12.9% during the third quarter. Dorsey Wright & Associates now owns 142,120 shares of the company’s stock valued at $1,864,000 after buying an additional 16,215 shares in the last quarter. XTX Topco Ltd bought a new position in Avadel Pharmaceuticals during the 3rd quarter worth approximately $642,000. Finally, Wellington Management Group LLP acquired a new position in shares of Avadel Pharmaceuticals in the 3rd quarter worth approximately $633,000. 69.19% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on AVDL shares. HC Wainwright lowered their price objective on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Needham & Company LLC reissued a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th. Finally, Oppenheimer upped their price target 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, Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $24.43.

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.