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

Avadel Pharmaceuticals plc (NASDAQ:AVDL) shot up 4.7% during mid-day trading on Thursday after an insider bought additional shares in the company. The stock traded as high as $10.82 and last traded at $10.80. 214,580 shares changed hands during trading, a decline of 82% from the average session volume of 1,196,536 shares. The stock had previously closed at $10.32.

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

Analyst Ratings Changes

A number of brokerages have recently issued reports on AVDL. HC Wainwright dropped their price target on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Needham & Company LLC reiterated a “buy” rating and set a $22.00 target price on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th. Finally, Oppenheimer boosted their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Seven 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 price target of $24.43.

Avadel Pharmaceuticals Stock Down 2.1 %

The stock has a market cap of $1.00 billion, a P/E ratio of -13.15 and a beta of 1.32. The company has a 50-day simple moving average of $12.43 and a two-hundred day simple moving average of $14.19.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.03. The company had revenue of $50.00 million during the quarter, compared to analyst estimates of $48.43 million. Avadel Pharmaceuticals had a negative net margin of 52.53% and a negative return on equity of 93.34%. The firm’s revenue was up 624.6% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.41) EPS. As a group, sell-side 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 hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC bought a new stake in shares of Avadel Pharmaceuticals in the third quarter worth about $31,000. Amalgamated Bank purchased a new stake in Avadel Pharmaceuticals in the 2nd quarter worth approximately $45,000. Quarry LP bought a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter worth approximately $63,000. Advisors Asset Management Inc. increased its stake in shares of Avadel Pharmaceuticals by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock valued at $104,000 after buying an additional 2,846 shares during the period. Finally, Beverly Hills Private Wealth LLC bought a new position in shares of Avadel Pharmaceuticals during the second quarter valued at approximately $146,000. 69.19% of the stock is 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.