Vanda's (VNDA) Fanapt Selling Nearly Double Expectations, Piper Jaffray Says

Piper Jaffray analyst Joshua Schimmer reiterated an Overweight rating and $25 price target on Vanda Pharmaceuticals (NASDAQ: VNDA) following the Fanapt settlement with Novartis.

Schimmer commented, "While we had initially thought Fanapt was selling ~ $40M/year. it turns out it is selling closer to $70M/year and VNDA expects it to be immediately and meaningfully accretive, with the asset returning Jan 1, 2015. We are adjusting our model to reflect this transaction and alleviate the pressure on Hetlioz."

As a results, the firm raised FY 2015 EPS from ($0.96) to ($0.78).

For an analyst ratings summary and ratings history on Vanda Pharmaceuticals click here. For more ratings news on Vanda Pharmaceuticals click here.

Shares of Vanda Pharmaceuticals closed at $13.58 yesterday.

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