Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Up 4.7% Following Insider Buying Activity

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) rose 4.7% during trading on Thursday following insider buying activity. The stock traded as high as $10.82 and last traded at $10.80. Approximately 214,580 shares were traded during trading, a decline of 82% from the average daily volume of 1,196,536 shares. The stock had previously closed at $10.32.

Specifically, CFO Thomas S. Mchugh acquired 5,000 shares of the business’s stock in a transaction on Wednesday, December 11th. The shares were purchased at an average cost of $10.49 per share, with a total value of $52,450.00. Following the acquisition, the chief financial officer now directly owns 85,500 shares of the company’s stock, valued at $896,895. The trade was a 6.21 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Geoffrey Michael Glass bought 20,279 shares of the stock in a transaction dated Tuesday, December 10th. The stock was purchased at an average price of $9.84 per share, with a total value of $199,545.36. Following the acquisition, the director now owns 75,904 shares of the company’s stock, valued at $746,895.36. The trade was a 36.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In other news, CEO Gregory J. Divis purchased 9,598 shares of the company’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average cost of $9.98 per share, with a total value of $95,788.04. Following the completion of the transaction, the chief executive officer now directly owns 9,598 shares of the company’s stock, valued at approximately $95,788.04. This trade represents a ? increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. HC Wainwright decreased their price objective on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research note on Wednesday, November 13th. Oppenheimer upped 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. Finally, Needham & Company LLC reiterated a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday, November 12th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $24.43.

Avadel Pharmaceuticals Stock Performance

The company has a market cap of $1.00 billion, a PE ratio of -13.15 and a beta of 1.32. The company’s 50 day moving average price is $12.43 and its 200-day moving average price is $14.19.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $48.43 million. During the same period last year, the business posted ($0.41) earnings per share. The business’s revenue for the quarter was up 624.6% on a year-over-year basis. Equities research analysts expect that Avadel Pharmaceuticals plc will post -0.48 EPS for the current year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Braidwell LP increased its stake in shares of 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 purchasing an additional 490,300 shares in the last quarter. State Street Corp grew its stake in Avadel Pharmaceuticals by 42.5% in the 3rd quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after buying an additional 483,787 shares in the last quarter. Brandes Investment Partners LP raised its holdings in Avadel Pharmaceuticals by 1.5% during the 2nd quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock valued at $20,894,000 after acquiring an additional 21,214 shares during the period. Modera Wealth Management LLC raised its holdings in Avadel Pharmaceuticals by 0.4% during the 2nd quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock valued at $8,473,000 after acquiring an additional 2,159 shares during the period. Finally, Lord Abbett & CO. LLC lifted its position in shares of Avadel Pharmaceuticals by 23.9% during the third quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock worth $6,414,000 after acquiring an additional 94,239 shares in the last quarter. 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.