Piper Sandler downgraded Avadel Pharmaceuticals (AVDL) to Neutral from Overweight with an $18.50 price target after the company entered into an agreement to be acquired by Alkermes (ALKS) for for $18.50 per share upfront along with a non-transferable contingent value right entitling holders to a potential additional cash payment of $1.50 per share.
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Read More on AVDL:
- Alkermes enters sleep space at attractive price, says H.C. Wainwright
- Hold Rating for Avadel Pharmaceuticals Amidst Upcoming Acquisition and Market Complexities
- Avadel Pharmaceuticals downgraded to Hold from Buy at Jefferies
- Avadel Pharmaceuticals Acquired by Alkermes for $2.1 Billion
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