UBS initiated coverage of Avadel Pharmaceuticals with a Buy rating and $21 price target. Avadel is a commercial-stage biotech with its recently launched Lumryz that is a conveniently dosed once-nightly product in a “significantly underpenetrated” narcolepsy market, the analyst tells investors in a research note. The firm is bullish on Lumryz’s launch prospects and believes the company can beat near-term sales expectations.
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