Avadel Pharmaceuticals named 2024 To Pick at Needham

Needham raised the firm’s price target on Avadel Pharmaceuticals to $20 from $19 and keeps a Buy rating on the shares. The firm has also named the stock its Top Pick for 2024 and maintained the name on its Conviction List based on its expectation for continued strong performance of Lumryz. Needham is estimating sales of about $150M, or about 8.5% above consensus, based on strong initial launch metrics around payer coverage and RYZUP enrollments, adding that it is also looking for improved visibility into expansion beyond Lumryz’s current indication.