Geoffrey Michael Glass, director of Avadel Prescribed drugs PLC (NASDAQ:), lately acquired further shares of the corporate. In response to a Type 4 filed with the Securities and Change Fee, Glass bought a complete of 20,279 shares of frequent inventory on December 10, 2024. The shares have been bought at costs starting from $9.80 to $9.89 per share, which represents a complete transaction worth of roughly $199,640. . The acquisition comes because the inventory trades close to its 52-week low, having fallen about 41% 12 months up to now. In response to InvestPro In response to one evaluation, the corporate presently maintains spectacular gross revenue margins of 92%.
These transactions have been carried out by trusts of which Glass is trustee and beneficiary. Following these acquisitions, Glass holds 75,904 shares not directly by these trusts. Moreover, he instantly owns 11,000 shares. InvestPro information exhibits that the corporate maintains a wholesome monetary place with liquid belongings exceeding short-term obligations.
This buy underscores Glass' continued dedication to Avadel Prescribed drugs, a specialty pharmaceutical compounding firm with a market capitalization of roughly $978 million. For a extra in-depth take a look at AVDL's valuation and development prospects, buyers can entry the total Professional Analysis report accessible at InvestPro.
Individually, Avadel Prescribed drugs reported robust third-quarter earnings, with its narcolepsy drug, LUMRYZ, producing $50 million in web income. This was attributed to 2,300 lively sufferers utilizing the drug and 700 new initiations in the course of the quarter. Regardless of an working loss, Avadel posted constructive adjusted EBITDA of $6.1 million. The FDA additionally expanded approval for the usage of LUMRYZ to pediatric narcolepsy sufferers ages seven and older.
Moreover, Avadel introduced the resignation of its Chief Business Officer, Richard Kim, efficient December 31. The event comes as the corporate goals to develop its market attain following the latest approval of LUMRYZ. Kim's departure has brought on some uncertainty, with the corporate but to announce a successor.
Concerning analyst scores, HC Wainwright reaffirmed a Purchase score on Avadel, however with a decreased inventory worth goal from $27.00 to $25.00. This adjustment follows the corporate's third quarter outcomes, the place LUMRYZ gross sales exceeded consensus and matched excessive estimates. These are a few of the latest developments which have impacted Avadel Prescribed drugs.
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