Avadel Pharmaceuticals plc (NASDAQ:AVDL) CFO Thomas S. Mchugh Purchases 5,000 Shares

Avadel Pharmaceuticals plc (NASDAQ:AVDL) CFO Thomas S. Mchugh bought 5,000 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was bought at an average cost of $10.49 per share, with a total value of $52,450.00. Following the transaction, the chief financial officer now directly owns 85,500 shares in the company, valued at approximately $896,895. The trade was a 6.21 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Avadel Pharmaceuticals Price Performance

Avadel Pharmaceuticals stock opened at $10.61 on Friday. The firm has a 50-day moving average price of $12.48 and a two-hundred day moving average price of $14.23. Avadel Pharmaceuticals plc has a 52-week low of $9.41 and a 52-week high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) earnings per share for the quarter, topping 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 business’s revenue for the quarter 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. Sell-side analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 EPS for the current year.

Institutional Trading of Avadel Pharmaceuticals

Institutional investors have recently made changes to their positions in the stock. Krilogy Financial LLC bought a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter worth approximately $243,000. Bank of New York Mellon Corp bought a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter worth approximately $4,575,000. Iridian Asset Management LLC CT raised its holdings in shares of Avadel Pharmaceuticals by 63.4% in the 2nd quarter. Iridian Asset Management LLC CT now owns 117,700 shares of the company’s stock worth $1,655,000 after purchasing an additional 45,675 shares in the last quarter. Principal Financial Group Inc. bought a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter worth approximately $176,000. Finally, Investors Asset Management of Georgia Inc. GA ADV raised its holdings in shares of Avadel Pharmaceuticals by 2.4% in the 2nd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 89,475 shares of the company’s stock worth $1,258,000 after purchasing an additional 2,100 shares in the last quarter. 69.19% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on AVDL. HC Wainwright dropped their target price on shares of 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 reaffirmed a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday, November 12th. Finally, Oppenheimer lifted their price target on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, October 31st. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target 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.