Jefferies Assumes Vanda Pharmaceuticals (VNDA) at Buy
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Jefferies assumes coverage on Vanda Pharmaceuticals (NASDAQ: VNDA) with a Buy rating and a price target of $23.00 (from $15.00).
Analyst Matthew Andrew commented, "Assuming coverage with a Buy Rating and $23 price target. While VNDA shares are +38% since the positive 8/25/16 Fanapt IP ruling, we see further LT upside to shares from 1) continuing improvement in U.S. Fanapt sales/scrips, 2) steady growth of Hetlioz in the U.S./EU-5, and 3) pipeline contributions from Hetlioz in Jet Lag Disorder (JLD) and tradipitant in gastroparesis starting in 2019/2021. 2017 is a key year for the pipeline with four Ph. II/III readouts."
Shares of Vanda Pharmaceuticals closed at $16.25 yesterday.
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