Leerink Partners analyst Marc Goodman maintained a Buy rating on Avadel Pharmaceuticals (AVDL – Research Report) on March 3 and set a price target of $16.00.
Marc Goodman has given his Buy rating due to a combination of factors that suggest Avadel Pharmaceuticals is positioned for growth. Firstly, the company has expanded its sales force, which is beginning to show positive results in attracting more patients to their treatment funnel. This expansion is crucial for meeting the company’s ambitious targets for patient numbers and revenue by the end of 2025.
Additionally, there is an observed increase in the proportion of patients switching to Avadel’s treatment, which is a positive indicator for reducing discontinuation rates. These switch patients typically have lower discontinuation rates, contributing to more stable revenue streams. Furthermore, upcoming data from trials and legal decisions could potentially impact the company’s market position positively. Despite the challenges, Goodman’s analysis suggests that Avadel’s strategic initiatives and market conditions justify a Buy rating.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $21.00 price target.
Based on the recent corporate insider activity of 15 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of AVDL in relation to earlier this year.