Avadel Pharmaceuticals plc (NASDAQ:AVDL) Director Peter J. Thornton Buys 10,000 Shares

Avadel Pharmaceuticals plc (NASDAQ:AVDL) Director Peter J. Thornton purchased 10,000 shares of Avadel Pharmaceuticals stock in a transaction that occurred on Monday, January 13th. The shares were purchased at an average cost of $8.04 per share, with a total value of $80,400.00. Following the transaction, the director now directly owns 104,055 shares of the company’s stock, valued at $836,602.20. This represents a 10.63 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link.

Avadel Pharmaceuticals Stock Performance

AVDL stock opened at $8.05 on Wednesday. The business’s 50-day moving average is $10.99 and its two-hundred day moving average is $13.40. The company has a market cap of $775.71 million, a price-to-earnings ratio of -10.19 and a beta of 1.31. Avadel Pharmaceuticals plc has a fifty-two week low of $7.39 and a fifty-two week high of $19.09.

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

Wall Street Analyst Weigh In

AVDL has been the topic of several recent analyst reports. HC Wainwright reiterated a “buy” rating and set a $21.00 target price (down from $25.00) on shares of Avadel Pharmaceuticals in a research note on Friday, January 10th. UBS Group dropped their price objective on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research report on Monday. Piper Sandler decreased their target price on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating for the company in a research report on Friday, January 10th. Needham & Company LLC reduced their price target on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a research note on Thursday, January 9th. Finally, Oppenheimer boosted their price objective 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. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $21.00.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Lord Abbett & CO. LLC increased its stake in shares of Avadel Pharmaceuticals by 23.9% in the 3rd quarter. Lord Abbett & CO. LLC now owns 489,073 shares of the company’s stock worth $6,414,000 after purchasing an additional 94,239 shares in the last quarter. Barclays PLC grew its holdings in Avadel Pharmaceuticals by 45.8% during the third quarter. Barclays PLC now owns 392,691 shares of the company’s stock valued at $5,150,000 after purchasing an additional 123,430 shares during the period. MML Investors Services LLC increased its position in Avadel Pharmaceuticals by 13.8% in the third quarter. MML Investors Services LLC now owns 136,356 shares of the company’s stock worth $1,788,000 after buying an additional 16,500 shares in the last quarter. Dorsey Wright & Associates raised its stake in shares of 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 period. Finally, XTX Topco Ltd purchased a new position in shares of Avadel Pharmaceuticals during the 3rd quarter valued at about $642,000. Hedge funds and other institutional investors 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.