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

Avadel Pharmaceuticals plc (NASDAQ:AVDL) CEO Gregory J. Divis bought 9,598 shares of the company’s stock in a transaction on Friday, December 6th. The shares were acquired at an average cost of $9.98 per share, for a total transaction of $95,788.04. Following the completion of the acquisition, the chief executive officer now directly owns 9,598 shares of the company’s stock, valued at $95,788.04. This trade represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Avadel Pharmaceuticals Stock Down 1.5 %

Avadel Pharmaceuticals stock traded down $0.15 during trading hours on Tuesday, hitting $10.00. 1,338,183 shares of the company traded hands, 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 firm has a market cap of $963.60 million, a P/E ratio of -12.95 and a beta of 1.32. The firm’s 50-day simple moving average is $12.64 and its two-hundred day simple moving average is $14.32.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $50.00 million during 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 was up 624.6% on a year-over-year basis. On average, equities research analysts predict that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on AVDL. Needham & Company LLC reissued a “buy” rating and issued a $22.00 target price on shares of Avadel Pharmaceuticals in a report on Tuesday, November 12th. HC Wainwright cut their price target on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. Finally, Oppenheimer boosted their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and an average price target of $24.43.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several hedge funds have recently modified their holdings of the company. FMR LLC acquired a new stake in shares of Avadel Pharmaceuticals in the third quarter valued at $31,000. Amalgamated Bank bought a new stake in Avadel Pharmaceuticals in the second quarter worth about $45,000. Quarry LP bought a new stake in Avadel Pharmaceuticals in the second quarter worth about $63,000. Advisors Asset Management Inc. lifted its holdings 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 acquiring an additional 2,846 shares during the last quarter. Finally, Beverly Hills Private Wealth LLC bought a new position in shares of Avadel Pharmaceuticals during the 2nd quarter valued at about $146,000. 69.19% of the stock is currently owned by institutional investors and hedge funds.

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.