Avadel Pharmaceuticals price target raised to $29 from $27 at Oppenheimer

Oppenheimer analyst Francois Brisebois raised the firm’s price target on Avadel Pharmaceuticals (AVDL) to $29 from $27 and keeps an Outperform rating on the shares following the jury ruling from the U.S. District Court in a patent suit by Jazz Pharmaceuticals (JAZZ) against Avadel’s once-nightly oxybate for narcolepsy, Lumryz. While the results may seem mixed, the firm sees the outcome as overall positive to Avadel given litigation relief and incurred penalty of $233K, based on 3.5% royalty rate applied to a dollar level of revenue. While there might be more developments to come, Oppenheimer reiterates its earlier opinion that all plausible outcomes remain a net positive long-term event for Avadel.