Avadel Pharmaceuticals price target raised to $22 from $20 at Craig-Hallum

Craig-Hallum analyst Chase Knickerbocker raised the firm’s price target on Avadel Pharmaceuticals (AVDL) to $22 from $20 and keeps a Buy rating on the shares. The firm notes that Avadel’s Q4, though very strong, was no surprise after the pre-release earlier this year and the 10-K last week. What was a surprise was the jury decision that was dropped late in the day following the business update, Craig-Hallum says. The jury gave a mixed decision, ruling in Avadel’s favor on one patent and in favor of Jazz Pharmaceuticals (JAZZ) on the other. The firm thinks investors should not overreact to the ruling, as the jury awarded just $233K in damages to Jazz in the trial.