H.C. Wainwright lowered the firm’s price target on Avadel Pharmaceuticals (AVDL) to $36 from $246 and keeps a Buy rating on the shares. The company entered into an exclusive global license agreement with XWPharma to develop and commercialize valiloxybate for all indications, the analyst tells investors in a research note. The firm added valiloxybate to its valuation assessment, saying the candidate could be developed via a streamlined clinical pathway than Lumryz in both narcolepsy and idiopathic hypersomnia.
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