Geoffrey Michael Glass, a director at Avadel Pharmaceuticals PLC (NASDAQ:AVDL), recently acquired additional shares of the company. According to a Form 4 filing with the Securities and Exchange Commission, Glass purchased a total of 20,279 ordinary shares on December 10, 2024. The shares were bought at prices ranging from $9.80 to $9.89 per share, amounting to a total transaction value of approximately $199,640. This purchase comes as the stock trades near its 52-week low, having declined about 41% year-to-date. According to InvestingPro analysis, the company currently maintains impressive gross profit margins of 92%.
These transactions were conducted through trusts where Glass is a trustee and beneficiary. Following these acquisitions, Glass holds 75,904 shares indirectly through these trusts. Additionally, he has direct ownership of 11,000 shares. InvestingPro data shows the company maintains a healthy financial position with liquid assets exceeding short-term obligations.
This purchase underscores Glass's ongoing commitment to Avadel Pharmaceuticals, a company specializing in pharmaceutical preparations with a market capitalization of approximately $978 million. For deeper insights into AVDL's valuation and growth prospects, investors can access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Avadel Pharmaceuticals reported strong third-quarter earnings, with its narcolepsy medication, LUMRYZ, generating $50 million in net revenue. This was attributed to the drug's use by 2,300 active patients and 700 new initiations in the quarter. Despite an operating loss, Avadel posted a positive adjusted EBITDA of $6.1 million. The FDA has also extended the approval for LUMRYZ's use to pediatric narcolepsy patients aged seven and older.
Furthermore, Avadel announced the resignation of its Chief Commercial Officer, Richard Kim, effective December 31. This development comes as the company aims to expand its market reach following the recent approval for LUMRYZ. Kim's departure has led to some uncertainty, with the company yet to announce a successor.
Regarding analyst notes, H.C. Wainwright 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. These are among the recent developments impacting Avadel Pharmaceuticals.
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