H.C. Wainwright reiterates a Neutral rating on Alkermes (ALKS) with a $46 price target after the company entered into a definitive agreement to acquire Avadel Pharmaceuticals (AVDL) for up to $2.1B. The acquisition will immediately advance Alkermes into the sleep space at an attractive price, the analyst tells investors in a research note. The firm points out that Avadel has recently become cash flow positive, driven by strong growth of Lumryz sales since approval in 2023.
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