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

Avadel Pharmaceuticals plc (NASDAQ:AVDL) Director Peter J. Thornton bought 10,000 shares of the stock in a transaction that occurred on Monday, January 13th. The shares were purchased at an average price of $8.04 per share, for a total transaction of $80,400.00. Following the completion of the acquisition, the director now owns 104,055 shares of the company’s stock, valued at $836,602.20. The trade was a 10.63 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Avadel Pharmaceuticals Stock Performance

AVDL stock opened at $8.00 on Friday. The company has a market capitalization of $770.88 million, a P/E ratio of -10.13 and a beta of 1.31. Avadel Pharmaceuticals plc has a 52-week low of $7.39 and a 52-week high of $19.09. The company has a fifty day moving average price of $10.69 and a 200-day moving average price of $13.32.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates 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 company had revenue of $50.00 million for the quarter, compared to analyst estimates of $48.43 million. During the same period in the prior year, the firm posted ($0.41) EPS. The company’s quarterly revenue was up 624.6% on a year-over-year basis. As a group, sell-side analysts forecast that Avadel Pharmaceuticals plc will post -0.49 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Avadel Pharmaceuticals

Institutional investors and hedge funds have recently modified their holdings of the business. Braidwell LP raised its stake in Avadel Pharmaceuticals by 16.9% during the 3rd quarter. Braidwell LP now owns 3,388,939 shares of the company’s stock worth $44,446,000 after buying an additional 490,300 shares during the period. State Street Corp boosted its holdings in Avadel Pharmaceuticals by 42.5% during the third quarter. State Street Corp now owns 1,623,302 shares of the company’s stock worth $21,290,000 after purchasing an additional 483,787 shares during the last quarter. Nantahala Capital Management LLC bought a new position in shares of Avadel Pharmaceuticals in the second quarter valued at approximately $4,921,000. Troluce Capital Advisors LLC bought a new position in Avadel Pharmaceuticals in the 2nd quarter valued at $2,109,000. Finally, Barclays PLC grew its position 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 buying an additional 123,430 shares during the period. 69.19% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Piper Sandler lowered their price target on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research report on Friday, January 10th. Oppenheimer raised their price target 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. UBS Group dropped their price objective on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating for the company in a report on Monday. Needham & Company LLC cut their price target on shares of Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating for the company in a report on Thursday, January 9th. Finally, HC Wainwright restated a “buy” rating and set a $21.00 price objective (down from $25.00) on shares of Avadel Pharmaceuticals in a research report on Friday, January 10th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $21.00.

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.