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AVDL’s once-nightly controlled release formulation of sodium oxybate (FT218) for narcolepsy addresses a key liability in the leading drug, Xyrem, which requires a second dose during the night.
The FDA accepted the NDA for FT218 in March 2021 and set a PDUFA date of Oct 15.
The current share price of AVDL vastly underestimates the true value of FT218.
Recommended strategy: buy shares at today's bargain price; buy long-dated put options to mitigate downside risk.