Craig-Hallum analyst Francois Brisebois initiated coverage of Avadel Pharmaceuticals (AVDL) with a Buy rating and $15 price target. The analyst notes that the compny's focus is on FT218 for the treatment of narcolepsy patients suffering from excessive daytime sleepiness and cataplexy. With pivotal Phase 3 data expected in Q2, FT218 could disrupt Jazz Pharmaceuticals' (JAZZ) Xyrem, which is set to report fiscal year 2019 sales of over $1.6B, he contends. Assuming the safety and efficacy profile of FT218 is borne out in Phase 3 data and an eventual FDA approval, Brisebois anticipates swift market penetration given the inherent and obvious advantage he sees in 1-time dosing over a 2-times/night dose for patients who are already afflicted by sleep disorders.