Piper Jaffray hikes Avanir price target, shares rise
•Piper Jaffray maintains its Overweight rating on Avanir Pharmaceuticals (AVNR) and raises the company's price target to $13.00 from $6.00.
•Analyst Charles Duncan believes that Avanir's next-generation AVP-786 drug, which is being tested for use in Alzheimer's disease, Multiple Sclerosis, Parkinson's disease and autism, will be differentiated from Nuedexta generics and drive growth through 2030.
•Avanir recently reached a deal with Novartis to launch a Nuedexta generic in 2026, and Duncan believes the firm will forge agreements with four other companies. Nuedexta is used to treat uncontrollable crying or laughing in people with certain neurological conditions.
Sentiment: Strong Buy