Avadel Pharmaceuticals price target lowered to $19 from $22 at Needham

Needham analyst Ami Fadia lowered the firm’s price target on Avadel Pharmaceuticals (AVDL) to $19 from $22 and keeps a Buy rating on the shares. The shares “will be under significant pressure” following yesterday’s pre-announcement wherein Q4 Lumryz sales slightly missed consensus, and the 2025 sales outlook of $240M-$260M came in well below the consensus of $290M, the analyst tells investors in a research note. The firm cut estimates but continues to believe the stock is undervalued, even if Lumryz achieves half of management’s peak sales outlook of $1B. Needham still sees “meaningful value” at current Avadel share levels.