Needham raised the firm’s price target on Avadel Pharmaceuticals to $14 from $12 and keeps a Buy rating on the shares after the company secured FDA approval for narcolepsy drug Lumryz. All signs were pointing to final FDA approval in early May, but it is nevertheless good to see this be finally granted given the Lumryz regulatory history, and as such, not surprising to see the stock finish up 12% yesterday, the analyst tells investors in a research note.
Published first on TheFly
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Read More on AVDL:
- Avadel Pharmaceuticals price target raised to $16 from $14.50 at Ladenburg
- Avadel price target raised to $17.50 from $14 at H.C. Wainwright
- Avadel Pharmaceuticals Announces Final FDA Approval of LUMRYZ™ (sodium oxybate) for Extended-Release Oral Suspension as the First and Only Once-at-Bedtime Oxybate for Cataplexy or Excessive Daytime Sleepiness in Adults with Narcolepsy
- Avadel Pharmaceuticals announces final FDA approval of LUMRYZ
- Avadel Pharmaceuticals management to meet with Needham
