Oppenheimer raised the firm’s price target on Avadel Pharmaceuticals (AVDL) to $30 from $29 and keeps an Outperform rating on the shares. Following the May 10 APA suit of Jazz Pharmaceuticals (JAZZ) vs. the FDA related to the approval and Orphan Drug Exclusivity of Avadel’s Lumryz, the firm is pleased to see that the DC District Court issued a decision favoring Avadel/FDA. In fact, the court ruled in favor of Avadel in every argument advanced by Jazz. Given that Oppenheimer had previously characterized the hearing as positively uneventful and came away with reaffirmed confidence, litigations can get complex and outcomes can be difficult to predict.
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