Insider Buying: Avadel Pharmaceuticals PLC (NASDAQ:AVDL) Director Purchases 10,000 Shares of Stock

Avadel Pharmaceuticals PLC (NASDAQ:AVDL) Director Eric J. Ende purchased 10,000 shares of Avadel Pharmaceuticals stock in a transaction on Wednesday, December 4th. The stock was bought at an average cost of $5.76 per share, with a total value of $57,600.00.

Shares of NASDAQ AVDL traded down $0.16 during trading hours on Thursday, hitting $5.76. 267,486 shares of the stock were exchanged, compared to its average volume of 318,525. Avadel Pharmaceuticals PLC has a one year low of $1.03 and a one year high of $6.47. The company’s 50 day moving average is $4.96 and its 200 day moving average is $3.13. The firm has a market capitalization of $215.71 million, a P/E ratio of -2.89 and a beta of 1.78.

Avadel Pharmaceuticals (NASDAQ:AVDL) last announced its earnings results on Tuesday, November 12th. The company reported ($0.24) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.03. The firm had revenue of $14.23 million for the quarter. Avadel Pharmaceuticals had a negative net margin of 136.46% and a negative return on equity of 608.01%. On average, analysts anticipate that Avadel Pharmaceuticals PLC will post -1.06 EPS for the current year.

Several analysts have recently issued reports on the company. Zacks Investment Research upgraded Avadel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $5.50 price target for the company in a research note on Friday, November 15th. Laidlaw raised their price objective on Avadel Pharmaceuticals from $3.00 to $6.00 and gave the company a “buy” rating in a research note on Tuesday, September 24th. Finally, ValuEngine upgraded Avadel Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Tuesday.

A number of hedge funds have recently added to or reduced their stakes in AVDL. JPMorgan Chase & Co. increased its stake in shares of Avadel Pharmaceuticals by 383.0% in the second quarter. JPMorgan Chase & Co. now owns 22,700 shares of the company’s stock worth $64,000 after purchasing an additional 18,000 shares during the period. Investors Asset Management of Georgia Inc. GA ADV boosted its stake in Avadel Pharmaceuticals by 9.1% during the 3rd quarter. Investors Asset Management of Georgia Inc. GA ADV now owns 36,100 shares of the company’s stock valued at $150,000 after purchasing an additional 3,000 shares during the period. Susquehanna International Group LLP boosted its stake in Avadel Pharmaceuticals by 263.6% during the 2nd quarter. Susquehanna International Group LLP now owns 98,389 shares of the company’s stock valued at $284,000 after purchasing an additional 71,328 shares during the period. Millennium Management LLC bought a new stake in Avadel Pharmaceuticals during the 3rd quarter valued at approximately $494,000. Finally, CIBC Private Wealth Group LLC acquired a new stake in Avadel Pharmaceuticals in the 2nd quarter valued at approximately $434,000. Institutional investors own 51.72% of the company’s stock.

About Avadel Pharmaceuticals

Avadel Pharmaceuticals plc operates as a specialty pharmaceutical company in the United States, France, and Ireland. The company primarily develops FT218, which is in a Phase 3 clinical trial for the treatment of narcolepsy patients suffering from excessive daytime sleepiness (EDS) and cataplexy. It also markets three sterile injectable drugs used in the hospital setting, including Akovaz that is indicated for the treatment of clinically important hypotension occurring in the setting of anesthesia; Bloxiverz, a cholinesterase inhibitor indicated for the reversal of the effects of non-depolarizing neuromuscular blocking agents after surgery; and Vazculep, a phenylephrine hydrochloride injection indicated for the treatment of clinically important hypotension.

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