Avadel Pharmaceuticals (NASDAQ:AVDL) Shares Gap Up on Insider Buying Activity

Avadel Pharmaceuticals plc (NASDAQ:AVDL) gapped up prior to trading on Wednesday following insider buying activity. The stock had previously closed at $8.05, but opened at $8.64. Avadel Pharmaceuticals shares last traded at $8.49, with a volume of 204,004 shares.

Specifically, Director Peter J. Thornton bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The stock was bought 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 directly owns 104,055 shares in the company, valued at $836,602.20. The trade was a 10.63 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on AVDL shares. HC Wainwright reaffirmed a “buy” rating and issued a $21.00 price target (down from $25.00) on shares of Avadel Pharmaceuticals in a research note on Friday, January 10th. 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. UBS Group reduced their price target on Avadel Pharmaceuticals from $22.00 to $14.00 and set a “buy” rating on the stock in a research note on Monday. Piper Sandler cut their target price on Avadel Pharmaceuticals from $24.00 to $13.00 and set an “overweight” rating on the stock in a research note on Friday, January 10th. Finally, Needham & Company LLC cut their target price on Avadel Pharmaceuticals from $22.00 to $19.00 and set a “buy” rating on the stock in a research note on Thursday, January 9th. Seven research 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.

Avadel Pharmaceuticals Stock Up 1.4 %

The stock has a market capitalization of $786.31 million, a P/E ratio of -10.33 and a beta of 1.31. The business has a fifty day moving average price of $10.85 and a 200-day moving average price of $13.36.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its quarterly earnings results 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. The firm had revenue of $50.00 million for the quarter, compared to the consensus estimate of $48.43 million. Avadel Pharmaceuticals had a negative return on equity of 93.34% and a negative net margin of 52.53%. The company’s quarterly revenue was up 624.6% on a year-over-year basis. During the same period in the prior year, the company posted ($0.41) earnings per share. On average, equities analysts expect that Avadel Pharmaceuticals plc will post -0.48 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of AVDL. FMR LLC bought a new position in Avadel Pharmaceuticals in the third quarter valued at about $31,000. Amalgamated Bank bought a new position in shares of Avadel Pharmaceuticals in the second quarter worth about $45,000. Quarry LP bought a new position in shares of Avadel Pharmaceuticals in the second quarter worth about $63,000. Advisors Asset Management Inc. raised its stake in shares of Avadel Pharmaceuticals by 56.1% in 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 period. Finally, Aigen Investment Management LP purchased a new stake in shares of Avadel Pharmaceuticals during the third quarter worth about $160,000. Institutional investors own 69.19% of the company’s stock.

Avadel Pharmaceuticals Company Profile

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.