Avadel Pharmaceuticals plc (NASDAQ:AVDL) CFO Purchases $24,012.00 in Stock

Avadel Pharmaceuticals plc (NASDAQ:AVDL) CFO Thomas S. Mchugh purchased 2,300 shares of Avadel Pharmaceuticals stock in a transaction on Friday, December 13th. The stock was purchased at an average price of $10.44 per share, for a total transaction of $24,012.00. Following the completion of the transaction, the chief financial officer now owns 87,800 shares of the company’s stock, valued at approximately $916,632. This represents a 2.69 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

Avadel Pharmaceuticals Stock Down 1.8 %

Shares of AVDL opened at $10.73 on Wednesday. The stock’s fifty day simple moving average is $12.39 and its 200-day simple moving average is $14.14. The firm has a market capitalization of $1.03 billion, a PE ratio of -13.58 and a beta of 1.32. Avadel Pharmaceuticals plc has a 12-month low of $9.41 and a 12-month high of $19.09.

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, beating analysts’ consensus estimates of ($0.06) by $0.03. The company had revenue of $50.00 million for the quarter, compared to the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The company’s revenue was up 624.6% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.41) EPS. Analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 EPS for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the business. Braidwell LP raised its position in shares of Avadel Pharmaceuticals by 16.9% during the 3rd quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock valued at $44,446,000 after acquiring an additional 490,300 shares during the last quarter. State Street Corp grew its stake in shares of Avadel Pharmaceuticals by 42.5% during the third quarter. State Street Corp now owns 1,623,302 shares of the company’s stock worth $21,290,000 after purchasing an additional 483,787 shares during the period. Brandes Investment Partners LP increased its holdings in Avadel Pharmaceuticals by 1.5% in the second quarter. Brandes Investment Partners LP now owns 1,483,439 shares of the company’s stock valued at $20,894,000 after purchasing an additional 21,214 shares during the last quarter. Modera Wealth Management LLC increased its holdings in Avadel Pharmaceuticals by 0.4% in the second quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock valued at $8,473,000 after purchasing an additional 2,159 shares during the last quarter. Finally, Lord Abbett & CO. LLC lifted its stake 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 buying an additional 94,239 shares during the period. 69.19% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on AVDL. Oppenheimer boosted their price objective on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. HC Wainwright reduced their price target on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Finally, Needham & Company LLC restated a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $24.43.

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.