Wells Fargo raised the firm’s price target on Avadel Pharmaceuticals (AVDL) to $22.50 from $20 and keeps an Equal Weight rating on the shares. The firm says updated Alkermes’ (ALKS) offer looks better to Wells, with a similar upfront but better CVR terms that it thinks are likely to pay out.
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Read More on AVDL:
- Avadel Pharmaceuticals Amends Agreement with Alkermes
- Alkermes increases offer to acquire Avadel Pharmaceuticals to $22.50 per share
- Avadel Pharmaceuticals put volume heavy and directionally bearish
- Avadel Pharmaceuticals Receives Superior Proposal from Lundbeck
- Avadel board declares Lundbeck proposal superior to Alkermes offer