Avadel Pharmaceuticals (NASDAQ:AVDL) Posts Earnings Results, Misses Estimates By $0.01 EPS

Avadel Pharmaceuticals (NASDAQ:AVDLGet Free Report) announced its quarterly earnings data on Monday. The company reported ($0.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.01), Yahoo Finance reports. The company had revenue of $19.45 million during the quarter, compared to the consensus estimate of $17.41 million. During the same period in the previous year, the business posted ($0.44) EPS.

Avadel Pharmaceuticals Stock Up 7.4 %

Shares of AVDL opened at $13.72 on Monday. Avadel Pharmaceuticals has a 1 year low of $8.00 and a 1 year high of $17.24. The company has a 50 day simple moving average of $14.24 and a two-hundred day simple moving average of $12.73.

Analyst Ratings Changes

AVDL has been the subject of several analyst reports. Needham & Company LLC increased their target price on shares of Avadel Pharmaceuticals from $19.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, December 20th. UBS Group initiated coverage on shares of Avadel Pharmaceuticals in a report on Tuesday, February 6th. They issued a “buy” rating and a $21.00 target price for the company. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Avadel Pharmaceuticals currently has a consensus rating of “Buy” and an average target price of $19.86.

View Our Latest Stock Report on Avadel Pharmaceuticals

Insider Buying and Selling at Avadel Pharmaceuticals

In related news, CFO Thomas S. Mchugh acquired 2,000 shares of the business’s stock in a transaction on Tuesday, January 16th. The stock was acquired at an average cost of $14.50 per share, with a total value of $29,000.00. Following the acquisition, the chief financial officer now directly owns 80,500 shares in the company, valued at approximately $1,167,250. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Mark Anthony Mccamish sold 75,000 shares of the stock in a transaction that occurred on Thursday, December 28th. The stock was sold at an average price of $14.53, for a total transaction of $1,089,750.00. Following the completion of the transaction, the director now directly owns 67,025 shares in the company, valued at approximately $973,873.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Thomas S. Mchugh bought 2,000 shares of the stock in a transaction dated Tuesday, January 16th. The shares were purchased at an average price of $14.50 per share, with a total value of $29,000.00. Following the completion of the transaction, the chief financial officer now directly owns 80,500 shares in the company, valued at approximately $1,167,250. The disclosure for this purchase can be found here. Insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of AVDL. Balyasny Asset Management L.P. bought a new position in shares of Avadel Pharmaceuticals during the 4th quarter valued at approximately $11,035,000. Samsara BioCapital LLC lifted its position in Avadel Pharmaceuticals by 113.7% in the first quarter. Samsara BioCapital LLC now owns 1,409,409 shares of the company’s stock worth $12,910,000 after buying an additional 750,000 shares during the last quarter. Perceptive Advisors LLC bought a new stake in Avadel Pharmaceuticals in the first quarter worth $5,404,000. Bank of America Corp DE lifted its position in Avadel Pharmaceuticals by 553.2% in the first quarter. Bank of America Corp DE now owns 692,226 shares of the company’s stock worth $6,341,000 after buying an additional 586,247 shares during the last quarter. Finally, Polar Capital Holdings Plc lifted its position in Avadel Pharmaceuticals by 14.5% in the first quarter. Polar Capital Holdings Plc now owns 3,199,152 shares of the company’s stock worth $21,850,000 after buying an additional 404,479 shares during the last quarter. 71.23% of the stock is currently owned by institutional investors.

About Avadel Pharmaceuticals

(Get Free Report)

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.

See Also

Earnings History for Avadel Pharmaceuticals (NASDAQ:AVDL)

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