Needham raised the firm’s price target on Avadel Pharmaceuticals (AVDL) to $22 from $20 and keeps a Buy rating on the shares. The firm notes that the company’s Lumryz ramp metrics suggest that sales are approaching the $200M range for 2024 and also sees the jury’s decision ruling in favor of Avadel in its patent litigation with Jazz Pharmaceuticals (JAZZ) as “better than expected”. The outcome should improve Avadel’s value both as a standalone company and as an acquisition target, the firm added.
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