Jefferies lowered the firm’s price target on Avadel Pharmaceuticals (AVDL) to $22.50 from $23 and keeps a Hold rating on the shares as the firm expects the deal to be acquired by Alkermes (ALKS) to close in Q1 of 2026 after Lundbeck decided not to raise its November 14 offer. The firm now thinks the chances of a competing bid are unlikely and lowered its target to reflect Alkermes’ November 18 offer to acquire Avadel for $22.50 per share, including $21 upfront and a $1.50 per share CVR.
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Read More on AVDL:
- Avadel Pharmaceuticals price target raised to $22.50 from $20 at Wells Fargo
- 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