Thomas S. McHugh, Chief Financial Officer of Avadel Pharmaceuticals PLC (NASDAQ:), recently purchased 2,300 ordinary shares of the company. The shares were acquired at a weighted average price of $10.4429, with the transactions occurring within a price range of $10.4394 to $10.4486. This purchase amounted to a total investment of $24,018. Following this transaction, McHugh holds 87,800 shares directly.The insider purchase comes as Avadel, currently valued at $1 billion, maintains impressive gross profit margins of 92% and strong liquidity ratios. According to InvestingPro analysis, the stock is trading near its Fair Value, while analyst targets suggest potential upside with price targets ranging from $20 to $27. Want deeper insights? InvestingPro offers exclusive access to detailed financial analysis and 8 additional key ProTips for AVDL.
In other recent news, Avadel Pharmaceuticals and Alkermes (NASDAQ:) have had noteworthy developments. Avadel reported a strong third quarter with $50 million in net revenue from its narcolepsy medication, LUMRYZ, and a positive adjusted EBITDA of $6.1 million. Additionally, the FDA extended approval for LUMRYZ’s use to pediatric narcolepsy patients aged seven and older. However, Avadel’s Chief Commercial Officer, Richard Kim, announced his resignation, effective December 31. H.C. Wainwright reaffirmed a Buy rating on Avadel but reduced the stock price target from $27.00 to $25.00 following the third-quarter results.
Similarly, Alkermes, a pharmaceutical company, received an Overweight rating from Piper Sandler, influenced by the potential of ALKS-2680, an orexin 2 receptor (OX2R) agonist in development for the treatment of sleep/wake disorders. Experts anticipate that 75%-80% of narcolepsy type 1 patients, 40%-50% of narcolepsy type 2 patients, and a similar proportion of idiopathic hypersomnia patients could benefit from this therapy. Alkermes’ ALKS-2680, along with Centessa’s ORX750, is being developed to treat a broader range of conditions, which may provide a competitive edge over Takeda’s TAK-861. These are recent developments that investors should consider.
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