Instead of discussing a new idea for our February mid-month update, I figured I would briefly touch on five different situations, four of which are in the model portfolio and one is an interesting merger arbitrage situation with a hostile bid.
1. Avadel Pharmaceuticals (AVDL): $8.61
Market Cap: $866.29M
Enterprise Value: $838.74M
We discussed Avadel Pharmaceuticals and Ardelyx (ARDX) in our February 2025 Special Situations newsletter and both biotech companies are already up more than 8%. The jump in Avadel’s price is partially because of a letter a long-term investor in the company, ASL Strategic Value Fund, sent to the Chair of the Board of Directors.