Geoffrey Michael Glass, a director at Avadel Prescription drugs PLC (NASDAQ:), lately acquired extra shares of the corporate. In accordance with a Type 4 submitting with the Securities and Change Fee, Glass bought a complete of 20,279 odd shares on December 10, 2024. The shares had been purchased at costs starting from $9.80 to $9.89 per share, amounting to a complete transaction worth of roughly $199,640. This buy comes because the inventory trades close to its 52-week low, having declined about 41% year-to-date. In accordance with InvestingPro evaluation, the corporate at the moment maintains spectacular gross revenue margins of 92%.
These transactions had been carried out by means of trusts the place Glass is a trustee and beneficiary. Following these acquisitions, Glass holds 75,904 shares not directly by means of these trusts. Moreover, he has direct possession of 11,000 shares. InvestingPro knowledge reveals the corporate maintains a wholesome monetary place with liquid property exceeding short-term obligations.
This buy underscores Glass’s ongoing dedication to Avadel Prescription drugs, an organization specializing in pharmaceutical preparations with a market capitalization of roughly $978 million. For deeper insights into AVDL’s valuation and progress prospects, traders can entry the great Professional Analysis Report accessible on InvestingPro.
In different current information, Avadel Prescription drugs reported sturdy third-quarter earnings, with its narcolepsy medicine, LUMRYZ, producing $50 million in internet income. This was attributed to the drug’s use by 2,300 lively sufferers and 700 new initiations within the quarter. Regardless of an working loss, Avadel posted a constructive adjusted EBITDA of $6.1 million. The FDA has additionally prolonged the approval for LUMRYZ’s use to pediatric narcolepsy sufferers aged seven and older.
Moreover, Avadel introduced the resignation of its Chief Industrial Officer, Richard Kim, efficient December 31. This improvement comes as the corporate goals to increase its market attain following the current approval for LUMRYZ. Kim’s departure has led to some uncertainty, with the corporate but to announce a successor.
Concerning analyst notes, H.C. Wainwright reaffirmed a Purchase ranking on Avadel, albeit with a lowered inventory value goal from $27.00 to $25.00. This adjustment adopted the corporate’s third-quarter outcomes, the place LUMRYZ gross sales exceeded consensus and matched excessive estimates. These are among the many current developments impacting Avadel Prescription drugs.
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