Piper Sandler analyst David Amsellem initiated coverage of Avadel Pharmaceuticals with an Overweight rating and $14 price target. The analyst believes Avadel's FT218, the company's extended-release, once-nightly form of sodium oxybate for excessive daytime sleepiness and cataplexy associated with narcolepsy, will carve out a "meaningful role" in a broader $1.7B-plus oxybate market. Feedback from Xyrem prescribers indicates that a once-nightly option will resonate with a meaningful portion of this patient market, Amsellem tells investors in a research note.