Avadel Pharmaceuticals (NASDAQ:AVDL) Trading Up 4.7% Following Insider Buying Activity

Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) traded up 4.7% on Thursday following insider buying activity. The stock traded as high as $10.82 and last traded at $10.80. 214,580 shares were traded during trading, a decline of 82% from the average session volume of 1,196,536 shares. The stock had previously closed at $10.32.

Specifically, CFO Thomas S. Mchugh bought 5,000 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was purchased 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 owns 85,500 shares in the company, valued at approximately $896,895. This trade represents a 6.21 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Geoffrey Michael Glass purchased 20,279 shares of Avadel Pharmaceuticals stock in a transaction that occurred on Tuesday, December 10th. The shares were bought at an average price of $9.84 per share, for a total transaction of $199,545.36. Following the transaction, the director now directly owns 75,904 shares of the company’s stock, valued at $746,895.36. This trade represents a 36.46 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In related news, CEO Gregory J. Divis purchased 9,598 shares of the firm’s stock in a transaction that occurred on Friday, December 6th. The stock was 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 in the company, valued at approximately $95,788.04. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink.

Analyst Ratings Changes

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

Avadel Pharmaceuticals Stock Up 2.8 %

The stock has a market capitalization of $1.02 billion, a PE ratio of -13.43 and a beta of 1.32. The company’s fifty day moving average price is $12.48 and its 200-day moving average price is $14.23.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 in the previous year, the business earned ($0.41) earnings per share. The firm’s quarterly revenue was up 624.6% compared to the same quarter last year. Equities research analysts anticipate that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current year.

Institutional Trading of Avadel Pharmaceuticals

Several institutional investors have recently bought and sold shares of the company. Creative Planning raised its holdings in Avadel Pharmaceuticals by 8.2% in the third quarter. Creative Planning now owns 12,381 shares of the company’s stock worth $162,000 after buying an additional 938 shares during the last quarter. MAI Capital Management increased its position in shares of Avadel Pharmaceuticals by 1.0% during the third quarter. MAI Capital Management now owns 107,533 shares of the company’s stock valued at $1,410,000 after acquiring an additional 1,031 shares in the last quarter. Investors Asset Management of Georgia Inc. GA ADV increased its position in shares of Avadel Pharmaceuticals by 2.4% during the second quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 89,475 shares of the company’s stock valued at $1,258,000 after acquiring an additional 2,100 shares in the last quarter. Modera Wealth Management LLC raised its holdings in Avadel Pharmaceuticals by 0.4% in the 2nd quarter. Modera Wealth Management LLC now owns 602,608 shares of the company’s stock worth $8,473,000 after acquiring an additional 2,159 shares during the last quarter. Finally, FMR LLC bought a new position in Avadel Pharmaceuticals in the 3rd quarter valued at approximately $31,000. 69.19% of the stock is owned by hedge funds and other 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.