Bloomberg Has Negative Article on Vanda (VNDA) After Insiders Cash Out
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On Friday, Bloomberg issued a negative article on recent momentum mover Vanda Pharmaceuticals, Inc. (Nasdaq: VNDA), noting that key insiders have cashed out of the stock after the recent stock surge following positive Phase 3 trial data for schizophrenia drug Iloperidone.
The report said four days after the positive news was released, six Vanda insiders sold $43 million in stock.
The report was also critical of the drug, saying three drugmakers turned away the drug after lackluster results and the drug fared no better than the least successful latest class of schizophrenia drugs on the market, Pfizer's Geodon. Link to the article: Link
NOTE: Last Thursday, powerful hedge fund SAC Capital disclosed it accumulated a 6.6% stake in the company.
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