Analyst Bumps Up Price Target For Avadel Pharmaceuticals After Favorable Patent Ruling
Last Friday, Delaware District Court granted Avadel Pharmaceuticals plc's (NASDAQ: AVDL) motion to delist the ‘963 Xyrem REMS patent.
Needham says a favorable patent ruling clears a key hurdle for Lumryz, and Q3 FY23 is the most likely timeframe for full launch (vs. 4Q FY23 previously). The analyst has raised the price target to $9 from $8 with a Buy rating.
Related: Avadel Pharmaceuticals Announces Favorable Ruling Regarding Sleep Disorder Drug Patent.
Final approval of Lumryz should no longer be gated by patent expiry (June 17, 2023).
Needham writes that hiring the full sales force and staffing will take the most time to accomplish, and therefore Avadel will be executing more of a soft launch in 1H23, with full launch readiness more likely in 3Q23.
On financing, the management indicated that it had had several discussions exploring sources of committed capital. The analyst sees the final approval as a logical time point for this to occur.
Price Action: AVDL shares are up 2.12% at $8.20 on the last check Monday.
Latest Ratings for AVDL
Date | Firm | Action | From | To |
|---|---|---|---|---|
Jan 2022 | Needham | Maintains | Buy | |
Sep 2021 | Needham | Initiates Coverage On | Buy | |
Mar 2021 | HC Wainwright & Co. | Maintains | Buy |
View More Analyst Ratings for AVDL
View the Latest Analyst Ratings
See more from Benzinga
Avadel Pharmaceuticals Announces Favorable Ruling Regarding Sleep Disorder Drug Patent
Bill Gates Says This Could Lead To Civil War And 'Bring It All To An End'
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
