Insider Buying: Avadel Pharmaceuticals plc (NASDAQ:AVDL) Director Buys 3,000 Shares of Stock

Avadel Pharmaceuticals plc (NASDAQ:AVDL) Director Linda Palczuk purchased 3,000 shares of the stock in a transaction on Friday, December 6th. The stock was acquired at an average price of $10.19 per share, for a total transaction of $30,570.00. Following the completion of the purchase, the director now directly owns 66,400 shares in the company, valued at approximately $676,616. The trade was a 4.73 % increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website.

Avadel Pharmaceuticals Stock Up 0.8 %

Avadel Pharmaceuticals stock traded up $0.08 during trading hours on Tuesday, reaching $10.23. 51,618 shares of the company’s stock were exchanged, compared to its average volume of 1,194,560. The firm has a market capitalization of $985.76 million, a PE ratio of -12.85 and a beta of 1.32. The firm’s 50 day simple moving average is $12.64 and its 200 day simple moving average is $14.32. Avadel Pharmaceuticals plc has a twelve month low of $9.41 and a twelve month high of $19.09.

Avadel Pharmaceuticals (NASDAQ:AVDL) last released its earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The business had revenue of $50.00 million during the quarter, compared to analysts’ expectations of $48.43 million. During the same quarter last year, the firm posted ($0.41) earnings per share. The firm’s revenue was up 624.6% on a year-over-year basis. Analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 EPS for the current year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

A number of institutional investors have recently modified their holdings of the company. Barclays PLC raised its stake in shares of Avadel Pharmaceuticals by 45.8% during the 3rd quarter. Barclays PLC now owns 392,691 shares of the company’s stock worth $5,150,000 after purchasing an additional 123,430 shares during the period. MML Investors Services LLC boosted its stake in Avadel Pharmaceuticals by 13.8% in the third quarter. MML Investors Services LLC now owns 136,356 shares of the company’s stock valued at $1,788,000 after acquiring an additional 16,500 shares during the last quarter. Dorsey Wright & Associates increased its position in Avadel Pharmaceuticals by 12.9% in the third quarter. Dorsey Wright & Associates now owns 142,120 shares of the company’s stock worth $1,864,000 after buying an additional 16,215 shares during the last quarter. XTX Topco Ltd bought a new stake in shares of Avadel Pharmaceuticals in the third quarter valued at $642,000. Finally, Wellington Management Group LLP purchased a new position in shares of Avadel Pharmaceuticals during the 3rd quarter valued at $633,000. 69.19% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

AVDL has been the topic of several recent research reports. Oppenheimer raised their target price on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, October 31st. 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. Finally, 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. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $24.43.

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.