Needham Initiates Coverage With Buy For This Narcolepsy Player

Needham has initiated Avadel Pharmaceuticals Plc (NASDAQ:AVDL) coverage with a Buy rating and $17 price target.
Analyst Ami Fadia sees an upside of almost 88%.
The analyst tells investors that the Company's sodium oxybate launch and sales potential are "underappreciated."
Fadia further contends that FT218 will be approved on PDUFA date October 15 to treat excessive daytime sleepiness and cataplexy in narcolepsy.
The analyst also notes that the IP litigation initiated by Jazz Pharmaceuticals Plc (NASDAQ:JAZZ) against Avadel shouldn't delay FT218's launch.
Price Action: AVDL stock is up 10.50% at $9.05 during the market session on the last check Thursday.