Jefferies Upgrades Vanda Pharmaceuticals (VNDA) to Buy; Giving Credit for Tasimelteon

February 14, 2013 6:57 AM EST
Get Alerts VNDA Hot Sheet
Price: $13.45 -5.61%

Rating Summary:
    8 Buy, 0 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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Jefferies upgraded Vanda Pharmaceuticals (NASDAQ: VNDA) from Hold to Buy with a price target of $6.00 (from $3.50).

The firm comments, "We're finally giving credit for tasimelteon given 1) surprisingly good recent Non24 Ph.3 data w/clinical sleep efficacy which likely improves FDA receptivity, 2) orphan pricing not confounded by ‘depression’ efforts, and 3) approaching regulatory catalysts. We still think it’s far from a slam dunk, but even conservatively discounted Tasi contribution is likely big upside from current negative EV level. "

The firm cut FY13 EPS from ($0.01) to ($0.75) and FY14 from $0.11 to ($1.11).

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 $3.95 yesterday.

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