Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Up Following Insider Buying Activity

Avadel Pharmaceuticals plc (NASDAQ:AVDL)’s stock price gapped up prior to trading on Wednesday after an insider bought additional shares in the company. The stock had previously closed at $10.00, but opened at $10.81. Avadel Pharmaceuticals shares last traded at $10.93, with a volume of 140,617 shares trading hands.

Specifically, Director Geoffrey Michael Glass bought 20,279 shares of the stock in a transaction on Tuesday, December 10th. The stock was purchased at an average price of $9.84 per share, with a total value of $199,545.36. Following the completion of the purchase, the director now owns 75,904 shares of the company’s stock, valued at approximately $746,895.36. This trade represents a 36.46 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Gregory J. Divis bought 9,598 shares of the stock in a transaction on Friday, December 6th. The stock was purchased at an average cost of $9.98 per share, with a total value of $95,788.04. Following the purchase, the chief executive officer now directly owns 9,598 shares of the company’s stock, valued at approximately $95,788.04. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. In related news, Director Linda Palczuk acquired 3,000 shares of the stock in a transaction dated Friday, December 6th. The stock was bought at an average price of $10.19 per share, with a total value of $30,570.00. Following the completion of the transaction, the director now directly owns 66,400 shares of the company’s stock, valued at approximately $676,616. The trade was a 4.73 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AVDL shares. HC Wainwright lowered 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 report on Wednesday, November 13th. Oppenheimer increased their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC reissued a “buy” rating and set a $22.00 price objective on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average price target of $24.43.

Avadel Pharmaceuticals Stock Up 3.2 %

The company’s fifty day moving average is $12.52 and its 200 day moving average is $14.25. The firm has a market cap of $994.46 million, a price-to-earnings ratio of -13.06 and a beta of 1.32.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced 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 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 analysts’ expectations of $48.43 million. During the same quarter in the prior year, the company posted ($0.41) earnings per share. The firm’s revenue was up 624.6% on a year-over-year basis. On average, equities research analysts forecast that Avadel Pharmaceuticals plc will post -0.48 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp acquired a new stake in Avadel Pharmaceuticals in the second quarter valued at $4,575,000. Troluce Capital Advisors LLC acquired a new stake in Avadel Pharmaceuticals in the second quarter valued at $2,109,000. Iridian Asset Management LLC CT lifted its stake in Avadel Pharmaceuticals by 42.5% in the third quarter. Iridian Asset Management LLC CT now owns 167,700 shares of the company’s stock valued at $2,199,000 after acquiring an additional 50,000 shares during the last quarter. Nantahala Capital Management LLC acquired a new stake in Avadel Pharmaceuticals in the second quarter valued at $4,921,000. Finally, Braidwell LP lifted its stake in Avadel Pharmaceuticals by 16.9% in the third quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock valued at $44,446,000 after acquiring an additional 490,300 shares during the last quarter. Institutional investors and hedge funds own 69.19% of the company’s stock.

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.