Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Up After Insider Buying Activity

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) gapped up prior to trading on Wednesday following insider buying activity. The stock had previously closed at $10.00, but opened at $10.81. Avadel Pharmaceuticals shares last traded at $10.93, with a volume of 140,617 shares.

Specifically, Director Geoffrey Michael Glass bought 20,279 shares of the firm’s stock in a transaction on Tuesday, December 10th. The shares were bought at an average cost of $9.84 per share, for a total transaction of $199,545.36. Following the completion of the transaction, the director now owns 75,904 shares in the company, valued at $746,895.36. This trade represents a 36.46 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Gregory J. Divis purchased 9,598 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was purchased at an average price of $9.98 per share, with a total value of $95,788.04. Following the transaction, the chief executive officer now owns 9,598 shares of the company’s stock, valued at approximately $95,788.04. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. In other Avadel Pharmaceuticals news, Director Linda Palczuk acquired 3,000 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The shares were acquired at an average cost of $10.19 per share, for a total transaction of $30,570.00. Following the transaction, the director now directly owns 66,400 shares of the company’s stock, valued at approximately $676,616. This represents a 4.73 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Analyst Ratings Changes

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

Avadel Pharmaceuticals Stock Up 2.8 %

The company has a 50 day moving average of $12.48 and a 200 day moving average of $14.23. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of -13.43 and a beta of 1.32.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted 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. 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 the consensus estimate of $48.43 million. During the same quarter in the prior year, the company posted ($0.41) EPS. The company’s quarterly revenue was up 624.6% compared to the same quarter last year. On average, research analysts forecast that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Barclays PLC grew its holdings in shares of Avadel Pharmaceuticals by 45.8% during the 3rd quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after purchasing an additional 123,430 shares during the period. MML Investors Services LLC grew its stake in Avadel Pharmaceuticals by 13.8% during the third quarter. MML Investors Services LLC now owns 136,356 shares of the company’s stock worth $1,788,000 after buying an additional 16,500 shares during the period. Dorsey Wright & Associates increased its position in shares of Avadel Pharmaceuticals by 12.9% in the third quarter. Dorsey Wright & Associates now owns 142,120 shares of the company’s stock worth $1,864,000 after acquiring an additional 16,215 shares in the last quarter. XTX Topco Ltd purchased a new position in shares of Avadel Pharmaceuticals in the 3rd quarter valued at $642,000. Finally, Wellington Management Group LLP purchased a new position in shares of Avadel Pharmaceuticals in the 3rd quarter valued at $633,000. Institutional investors and hedge funds own 69.19% of the company’s stock.

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.