Jefferies analyst Chris Howerton upgraded Avadel Pharmaceuticals (AVDL) to Buy from Hold with a price target of $11, up from $6.50, as he increased his estimate of the peak patients expected to eventually be on Lumryz after having surveyed 11 sleep doctors and speaking with two high volume key opinion leaders from that group. He now believes the switch patient opportunity is larger than he’d previously modeled and views the stock as "undervalued" compared to the "compelling" opportunity to take market share from Jazz Pharmaceuticals’ (JAZZ) Xyrem/Xywav oxybate franchise, Howerton tell investors.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on AVDL:
- Avadel Pharmaceuticals to Present at Upcoming Investor Conferences
- Avadel Announces Grant of Inducement Awards Under Nasdaq Listing Rule 5635(c)(4)
- Avadel Stock Rallies after Patent Win against Jazz Pharmaceuticals
- Avadel Pharmaceuticals Announces Favorable Ruling on Motion to Delist REMS Patent from FDA’s Orange Book
- Avadel Pharmaceuticals Provides Corporate Update and Reports Third Quarter 2022 Financial Results