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

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

Avadel Pharmaceuticals Stock Up 2.8 %

Shares of AVDL opened at $10.61 on Friday. The company’s 50 day moving average price is $12.48 and its 200 day moving average price is $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 announced 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 firm had revenue of $50.00 million for the quarter, compared to the consensus estimate of $48.43 million. During the same period in the previous year, the firm posted ($0.41) earnings per share. The firm’s revenue was up 624.6% on a year-over-year basis. As a group, equities research analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Oppenheimer boosted 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. Needham & Company LLC restated a “buy” rating and set a $22.00 price target on shares of Avadel Pharmaceuticals in a report on Tuesday, November 12th. Finally, HC Wainwright cut their price target on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, November 13th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and an average target price of $24.43.

Institutional Trading of Avadel Pharmaceuticals

Large investors have recently added to or reduced their stakes in the business. FMR LLC bought a new stake in Avadel Pharmaceuticals in the third quarter worth approximately $31,000. Amalgamated Bank bought a new stake in Avadel Pharmaceuticals in the second quarter worth approximately $45,000. Quarry LP bought a new stake in Avadel Pharmaceuticals in the second quarter worth approximately $63,000. Advisors Asset Management Inc. grew its position in Avadel Pharmaceuticals by 56.1% in the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock worth $104,000 after acquiring an additional 2,846 shares in the last quarter. Finally, Beverly Hills Private Wealth LLC bought a new stake in Avadel Pharmaceuticals in the second quarter worth 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.