Avadel Pharmaceuticals (AVDL) PT Raised to $29 at Oppenheimer

Oppenheimer analyst Francois Brisebois raised the price target on Avadel Pharmaceuticals (NASDAQ: AVDL) to $29.00 (from $27.00) while maintaining a Outperform rating.

The analyst commented, "We wanted to comment on the jury ruling from the US District Court in a patent suit by JAZZ against AVDL's once-nightly oxybate for narcolepsy, Lumryz. While the results may seem mixed (Jury decided in favor of AVDL for one of the contested patents and against AVDL regarding the additional contested patent), we see Monday's outcome as overall positive to AVDL given litigation relief and incurred penalty of $233K, based on 3.5% royalty rate applied to a dollar level of revenue (determined by the jury: ~$6.7M). While there might be more developments to come, we reiterate our earlier opinion that all plausible outcomes remain a net positive long-term event for AVDL. With less litigation risk, we reiterate our Outperform and increase our PT to $29 from $27."

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