Insider Buying: Avadel Pharmaceuticals plc (NASDAQ:AVDL) CEO Buys $95,788.04 in Stock

Avadel Pharmaceuticals plc (NASDAQ:AVDL) CEO Gregory J. Divis bought 9,598 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The shares were bought at an average cost of $9.98 per share, with a total value of $95,788.04. Following the completion of the purchase, the chief executive officer now directly owns 9,598 shares of the company’s stock, valued at $95,788.04. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.

Avadel Pharmaceuticals Price Performance

Shares of AVDL opened at $10.61 on Friday. Avadel Pharmaceuticals plc has a 1-year low of $9.41 and a 1-year high of $19.09. The company has a 50-day moving average of $12.48 and a 200 day moving average of $14.23. The firm 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 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 business had revenue of $50.00 million during the quarter, compared to analyst estimates of $48.43 million. During the same quarter in the previous year, the business posted ($0.41) EPS. The company’s quarterly revenue was up 624.6% compared to the same quarter last year. On average, equities analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

AVDL has been the subject of several research analyst reports. Oppenheimer raised their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Needham & Company LLC reissued a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th. Finally, 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. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $24.43.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several large investors have recently modified their holdings of AVDL. Cetera Investment Advisers purchased a new position in shares of Avadel Pharmaceuticals in the 1st quarter worth approximately $1,925,000. Bank of New York Mellon Corp purchased a new stake in Avadel Pharmaceuticals during the 2nd quarter worth approximately $4,575,000. Troluce Capital Advisors LLC purchased a new stake in Avadel Pharmaceuticals during the 2nd quarter worth approximately $2,109,000. Iridian Asset Management LLC CT grew its position in Avadel Pharmaceuticals by 42.5% during the 3rd quarter. Iridian Asset Management LLC CT now owns 167,700 shares of the company’s stock worth $2,199,000 after purchasing an additional 50,000 shares during the last quarter. Finally, Nantahala Capital Management LLC purchased a new stake in Avadel Pharmaceuticals during the 2nd quarter worth approximately $4,921,000. Institutional investors 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.