Peter J. Thornton Purchases 10,000 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) Stock

Avadel Pharmaceuticals plc (NASDAQ:AVDL) Director Peter J. Thornton acquired 10,000 shares of the business’s stock in a transaction that occurred on Monday, January 13th. The stock was bought at an average cost of $8.04 per share, for a total transaction of $80,400.00. Following the completion of the purchase, the director now directly owns 104,055 shares in the company, valued at $836,602.20. This represents a 10.63 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ:AVDL traded up $0.23 during trading on Tuesday, hitting $8.05. 1,866,080 shares of the stock were exchanged, compared to its average volume of 2,454,343. Avadel Pharmaceuticals plc has a 1-year low of $7.39 and a 1-year high of $19.09. The company has a market capitalization of $775.71 million, a price-to-earnings ratio of -10.19 and a beta of 1.31. The company’s fifty day simple moving average is $11.13 and its 200-day simple moving average is $13.44.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share 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 company had revenue of $50.00 million for the quarter, compared to analyst estimates of $48.43 million. During the same quarter last year, the firm earned ($0.41) EPS. Avadel Pharmaceuticals’s revenue for the quarter was up 624.6% compared to the same quarter last year. On average, research analysts forecast that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

AVDL has been the topic of a number of recent analyst reports. Needham & Company LLC cut their price objective on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, January 9th. Piper Sandler lowered their target price on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a report on Friday. UBS Group lowered their target price on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a report on Monday. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 target price (down previously from $25.00) on shares of Avadel Pharmaceuticals in a report on Friday. Finally, Oppenheimer raised their target price on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $21.00.

Institutional Trading of Avadel Pharmaceuticals

Institutional investors have recently modified their holdings of the company. FMR LLC acquired a new stake in Avadel Pharmaceuticals in the 3rd quarter valued at $31,000. Amalgamated Bank acquired a new stake in Avadel Pharmaceuticals in the 2nd quarter valued at $45,000. Quarry LP acquired a new stake in Avadel Pharmaceuticals in the 2nd quarter valued at $63,000. Advisors Asset Management Inc. boosted its stake in Avadel Pharmaceuticals by 56.1% in the 3rd quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock valued at $104,000 after buying an additional 2,846 shares in the last quarter. Finally, Aigen Investment Management LP acquired a new stake in Avadel Pharmaceuticals in the 3rd quarter valued at $160,000. Institutional investors and hedge funds 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.