Geoffrey Michael Glass Acquires 20,279 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) Stock

Avadel Pharmaceuticals plc (NASDAQ:AVDL) Director Geoffrey Michael Glass bought 20,279 shares of Avadel Pharmaceuticals stock in a transaction dated Tuesday, December 10th. The shares were bought at an average cost of $9.84 per share, with a total value of $199,545.36. Following the completion of the acquisition, the director now owns 75,904 shares of the company’s stock, valued at $746,895.36. The trade was a 36.46 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Avadel Pharmaceuticals Stock Performance

Shares of AVDL stock traded down $0.15 during trading on Tuesday, hitting $10.00. 1,338,183 shares of the company were exchanged, compared to its average volume of 1,199,989. The firm has a market capitalization of $963.60 million, a price-to-earnings ratio of -12.95 and a beta of 1.32. The business’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 announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) earnings per share (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 analyst estimates of $48.43 million. During the same period last year, the company earned ($0.41) earnings per share. Avadel Pharmaceuticals’s quarterly revenue was up 624.6% compared to the same quarter last year. On average, equities analysts forecast that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Avadel Pharmaceuticals

Several institutional investors have recently made changes to their positions in the company. FMR LLC bought a new position in Avadel Pharmaceuticals during the third quarter valued at approximately $31,000. Amalgamated Bank bought a new position in shares of Avadel Pharmaceuticals during the 2nd quarter valued at $45,000. Quarry LP acquired a new stake in shares of Avadel Pharmaceuticals in the 2nd quarter valued at $63,000. Advisors Asset Management Inc. increased its position in Avadel Pharmaceuticals by 56.1% during the third quarter. Advisors Asset Management Inc. now owns 7,921 shares of the company’s stock worth $104,000 after buying an additional 2,846 shares during the last quarter. Finally, Beverly Hills Private Wealth LLC bought a new position in Avadel Pharmaceuticals during the second quarter valued at about $146,000. 69.19% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have commented on AVDL shares. Oppenheimer upped their price objective on shares of Avadel Pharmaceuticals from $29.00 to $30.00 and gave the company an “outperform” rating in a research note on Thursday, October 31st. Needham & Company LLC restated a “buy” rating and issued a $22.00 price target on shares of Avadel Pharmaceuticals in a research report on Tuesday, November 12th. Finally, HC Wainwright lowered their price objective on shares of Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating on the stock in a research report on Wednesday, November 13th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price 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.