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

Avadel Pharmaceuticals plc (NASDAQ:AVDL) Director Peter J. Thornton acquired 10,000 shares of the business’s stock in a transaction on Monday, January 13th. The stock was acquired at an average price of $8.04 per share, with a total value of $80,400.00. Following the transaction, the director now owns 104,055 shares in the company, valued at approximately $836,602.20. The trade was a 10.63 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Avadel Pharmaceuticals Price Performance

Shares of AVDL stock traded up $0.23 on Tuesday, reaching $8.05. 1,866,080 shares of the stock were exchanged, compared to its average volume of 2,454,343. The stock has a market cap of $775.71 million, a PE ratio of -10.19 and a beta of 1.31. Avadel Pharmaceuticals plc has a one year low of $7.39 and a one year high of $19.09. The stock has a 50 day moving average price of $11.13 and a 200 day moving average price of $13.44.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. The business had revenue of $50.00 million during the quarter, compared to the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The firm’s revenue was up 624.6% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.41) earnings per share. On average, research analysts expect that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC increased its holdings in Avadel Pharmaceuticals by 23.9% in 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 last quarter. Barclays PLC increased its holdings in Avadel Pharmaceuticals by 45.8% in the third 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 during the last quarter. MML Investors Services LLC increased its holdings in Avadel Pharmaceuticals by 13.8% in the third quarter. MML Investors Services LLC now owns 136,356 shares of the company’s stock valued at $1,788,000 after purchasing an additional 16,500 shares during the last quarter. Dorsey Wright & Associates grew its stake in Avadel Pharmaceuticals by 12.9% in the third quarter. Dorsey Wright & Associates now owns 142,120 shares of the company’s stock valued at $1,864,000 after acquiring an additional 16,215 shares during the period. Finally, XTX Topco Ltd acquired a new position in Avadel Pharmaceuticals in the third quarter valued at about $642,000. Institutional investors own 69.19% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on AVDL shares. UBS Group cut their price objective on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a research report on Monday. HC Wainwright reiterated a “buy” rating and issued a $21.00 price objective (down previously from $25.00) on shares of Avadel Pharmaceuticals in a research report on Friday. Needham & Company LLC cut their price objective on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a research report on Thursday, January 9th. Oppenheimer lifted 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. Finally, Piper Sandler cut their price objective on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus target price of $21.00.

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.