Thomas S. Mchugh Buys 2,300 Shares of Avadel Pharmaceuticals plc (NASDAQ:AVDL) Stock

Avadel Pharmaceuticals plc (NASDAQ:AVDL) CFO Thomas S. Mchugh bought 2,300 shares of Avadel Pharmaceuticals stock in a transaction on Friday, December 13th. The stock was acquired at an average price of $10.44 per share, with a total value of $24,012.00. Following the completion of the purchase, the chief financial officer now directly owns 87,800 shares of the company’s stock, valued at approximately $916,632. The trade was a 2.69 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Avadel Pharmaceuticals Stock Performance

Shares of NASDAQ:AVDL opened at $10.73 on Wednesday. Avadel Pharmaceuticals plc has a 52-week low of $9.41 and a 52-week high of $19.09. The company has a market cap of $1.03 billion, a P/E ratio of -13.58 and a beta of 1.32. The stock’s 50-day moving average is $12.39 and its 200-day moving average is $14.14.

Avadel Pharmaceuticals (NASDAQ:AVDL) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, topping 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 company had revenue of $50.00 million during the quarter, compared to analyst estimates of $48.43 million. During the same period in the previous year, the company earned ($0.41) earnings per share. The company’s quarterly revenue was up 624.6% compared to the same quarter last year. As a group, equities analysts predict that Avadel Pharmaceuticals plc will post -0.48 EPS for the current year.

Wall Street Analysts Forecast Growth

AVDL has been the subject of several analyst reports. Needham & Company LLC reaffirmed a “buy” rating and issued a $22.00 price objective on shares of Avadel Pharmaceuticals in a research note on Tuesday, November 12th. HC Wainwright reduced their price target on Avadel Pharmaceuticals from $27.00 to $25.00 and set a “buy” rating for the company in a research report on Wednesday, November 13th. Finally, Oppenheimer upped their price target on Avadel Pharmaceuticals from $29.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, October 31st. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Avadel Pharmaceuticals presently has a consensus rating of “Buy” and a consensus target price of $24.43.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Braidwell LP increased its stake in Avadel Pharmaceuticals by 16.9% during 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 period. State Street Corp increased its position in shares of Avadel Pharmaceuticals by 42.5% during the third quarter. State Street Corp now owns 1,623,302 shares of the company’s stock valued at $21,290,000 after purchasing an additional 483,787 shares during the period. Nantahala Capital Management LLC acquired a new position in shares of Avadel Pharmaceuticals in the second quarter valued at $4,921,000. Bank of New York Mellon Corp bought a new position in Avadel Pharmaceuticals in the second quarter worth $4,575,000. Finally, Troluce Capital Advisors LLC acquired a new stake in Avadel Pharmaceuticals during the second quarter worth $2,109,000. 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.