Piper Sandler downgraded Avadel Pharmaceuticals (AVDL) to Neutral from Overweight with an $18.50 price target after the company entered into an agreement to be acquired by Alkermes (ALKS) for for $18.50 per share upfront along with a non-transferable contingent value right entitling holders to a potential additional cash payment of $1.50 per share.
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