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

Avadel Pharmaceuticals PLC (NASDAQ:AVDL) Director Eric J. Ende acquired 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 4th. The stock was bought at an average price of $5.76 per share, for a total transaction of $57,600.00.

NASDAQ AVDL opened at $6.30 on Friday. The stock’s 50-day simple moving average is $5.07 and its two-hundred day simple moving average is $3.18. Avadel Pharmaceuticals PLC has a twelve month low of $1.03 and a twelve month high of $6.47. The company has a market capitalization of $235.94 million, a price-to-earnings ratio of -3.17 and a beta of 1.78.

Avadel Pharmaceuticals (NASDAQ:AVDL) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.03. Avadel Pharmaceuticals had a negative return on equity of 608.01% and a negative net margin of 136.46%. The firm had revenue of $14.23 million during the quarter. Analysts expect that Avadel Pharmaceuticals PLC will post -1.06 earnings per share for the current year.

AVDL has been the subject of several research analyst reports. ValuEngine upgraded shares of Avadel Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Tuesday. Laidlaw increased their price target on shares of Avadel Pharmaceuticals from $3.00 to $6.00 and gave the stock a “buy” rating in a report on Tuesday, September 24th. Finally, Zacks Investment Research upgraded shares of Avadel Pharmaceuticals from a “hold” rating to a “buy” rating and set a $5.50 price objective on the stock in a research report on Friday, November 15th.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. CIBC Private Wealth Group LLC bought a new stake in Avadel Pharmaceuticals in the 2nd quarter worth approximately $434,000. Renaissance Technologies LLC boosted its stake in Avadel Pharmaceuticals by 21.9% in the second quarter. Renaissance Technologies LLC now owns 802,606 shares of the company’s stock worth $2,320,000 after buying an additional 144,270 shares in the last quarter. Brown Capital Management LLC grew its position in Avadel Pharmaceuticals by 8.9% during the second quarter. Brown Capital Management LLC now owns 1,524,428 shares of the company’s stock valued at $4,406,000 after acquiring an additional 124,421 shares during the last quarter. Millennium Management LLC bought a new position in Avadel Pharmaceuticals during the third quarter valued at approximately $494,000. Finally, Susquehanna International Group LLP raised its stake in shares of Avadel Pharmaceuticals by 263.6% during the second quarter. Susquehanna International Group LLP now owns 98,389 shares of the company’s stock worth $284,000 after acquiring an additional 71,328 shares in the last quarter. 51.72% of the stock is currently owned by institutional investors.

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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