Needham keeps a Buy rating and $18 price target on Avadel Pharmaceuticals (AVDL) but adds that stock to the firm’s Conviction List in place of Day One Biopharmaceuticals (DAWN). After hosting an investor call with an access and reimbursement expert on Tuesday, the firm is more positive on Avadel’s Lumryz launch, noting that the expert believes industry fill rate for products in commercial channel with adequate coverage could reach over 80%, the analyst tells investors in a research note. Needham adds that the expert call has left it with greater conviction that RYZUP enrollment will translate to Lumryz revenue, raising its FY23 estimates by about 50% to $27.4M.
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