Oppenheimer cuts Avadel target, would buy on weakness

Oppenheimer analyst Francois Brisebois lowered the firm’s price target on Avadel Pharmaceuticals (AVDL) to $22 from $27 and keeps an Outperform rating on the shares. The company’s preliminary Q4 revenue of $50M slightly missed estimates, but Lumryz’s momentum remains strong with 2,500 patients on therapy as of the end of 2024, the analyst tells investors in a research note. The firm views Avadel’s fiscal 2025 revenue guidance as conservative, and sees upside potential from a higher switch patient mix. It believes the negative sentiment in the shares mostly results from a lack of appreciation of the lower revenues and patients, and would be buyers on weakness given the “conservative guidance.”