Avadel Pharmaceuticals plc (NASDAQ:AVDL) CFO Purchases $52,450.00 in Stock

Avadel Pharmaceuticals plc (NASDAQ:AVDL) CFO Thomas S. Mchugh acquired 5,000 shares of the stock in a transaction on Wednesday, December 11th. The shares were purchased at an average price of $10.49 per share, for a total transaction of $52,450.00. Following the transaction, the chief financial officer now directly owns 85,500 shares in the company, valued at approximately $896,895. This trade represents a 6.21 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available at this link.

Avadel Pharmaceuticals Stock Down 2.1 %

AVDL stock opened at $10.39 on Friday. Avadel Pharmaceuticals plc has a 52 week low of $9.41 and a 52 week high of $19.09. The business has a 50-day simple moving average of $12.43 and a 200 day simple moving average of $14.18. The company has a market cap of $1.00 billion, a PE ratio of -13.15 and a beta of 1.32.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued 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. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The company had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. During the same period in the previous year, the company earned ($0.41) EPS. The business’s revenue for the quarter was up 624.6% compared to the same quarter last year. On average, analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Needham & Company LLC restated a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th. Oppenheimer increased their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, HC Wainwright lowered their target price on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, Avadel Pharmaceuticals has a consensus rating of “Buy” and an average price target of $24.43.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new position in shares of Avadel Pharmaceuticals in the 2nd quarter valued at $4,575,000. XTX Topco Ltd bought a new stake in shares of Avadel Pharmaceuticals during the 3rd quarter worth $642,000. Troluce Capital Advisors LLC acquired a new stake in Avadel Pharmaceuticals in the second quarter valued at about $2,109,000. Iridian Asset Management LLC CT grew its position in Avadel Pharmaceuticals by 42.5% in the third quarter. Iridian Asset Management LLC CT now owns 167,700 shares of the company’s stock valued at $2,199,000 after acquiring an additional 50,000 shares during the last quarter. Finally, Nantahala Capital Management LLC acquired a new position in Avadel Pharmaceuticals during the second quarter worth about $4,921,000. 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.