Avadel Pharmaceuticals initiated with an Equal Weight at Wells Fargo

Wells Fargo analyst Benjamin Burnett initiated coverage of Avadel Pharmaceuticals (AVDL) with an Equal Weight rating and $16 price target The firm believes the shares already reflect much of Avadel ‘s recent commercial outperformance. However, Xyrem generics and the possible entrance of orexins add uncertainty to Lumryz’s long-term growth trajectory, the analyst tells investors in a research note.