Avadel Pharmaceuticals falls after chief commercial officer resigns

Avadel Pharmaceuticals

03/12/2024 16:39

** Shares of drugmaker Avadel Pharmaceuticals  AVDL.O  fall
12.77% to $10.11
    ** Richard Kim notified co on Monday that he will step down
as chief commercial officer effective as of Dec. 31, filing
shows
    ** The resignation inevitably adds some risk to the Lumryz
story, considering its commercial nature, brokerage Oppenheimer
says
    ** Co's drug Lumryz is approved to treat symptoms of sudden
muscle weakness called cataplexy or excessive daytime sleepiness
    ** Brokerage cuts PT to $27 from $30
    ** However, based on the early launch success of the drug,
brokerage anticipates momentum to continue
    ** Including session's moves, stock down ~28% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))