In recent transactions, Gregory J. Divis, Chief Executive Officer of Avadel Pharmaceuticals PLC (NASDAQ:AVDL), a pharmaceutical company with a market capitalization of $978 million and impressive gross profit margins of 92%, acquired ordinary shares amounting to a total of $99,706. The purchases, which occurred on December 6 and December 9, involved 9,598 shares at a weighted average price of approximately $9.977 per share and an additional 402 shares at $9.82 per share. These transactions were executed through the Gregory J. Divis Jr. Revocable Trust, where Divis serves as trustee and beneficiary. Following these acquisitions, Divis holds a total of 159,100 shares directly. According to InvestingPro, the stock is currently trading near its 52-week low of $9.41, with analysts setting price targets between $20 and $27. Discover more insights and 8 additional ProTips about AVDL with an InvestingPro subscription.
In other recent news, Avadel Pharmaceuticals has reported strong third-quarter earnings, with its narcolepsy medication, LUMRYZ, generating $50 million in net revenue. The drug currently serves 2,300 active patients and saw 700 new initiations in the quarter. Despite an operating loss, the company posted a positive adjusted EBITDA of $6.1 million. The FDA has also extended approval for LUMRYZ's use to pediatric narcolepsy patients aged seven and older.
In other developments, Avadel's Chief Commercial Officer, Richard Kim, has announced his resignation effective from December 31. His departure comes at a critical time as the company expands its market reach with the recent FDA approval for pediatric use of LUMRYZ.
H.C. Wainwright has reaffirmed a Buy rating on Avadel, albeit with a reduced stock price target from $27.00 to $25.00. This adjustment followed the company's third-quarter results, where LUMRYZ sales exceeded consensus and matched high estimates. The firm suggests that Avadel's stock is substantially undervaluing LUMRYZ, even with less than 25% projected peak market share. These are among the recent developments for Avadel Pharmaceuticals.
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