Jefferies Downgrades Vanda Pharmaceuticals (VNDA) to Hold

Jefferies downgraded Vanda Pharmaceuticals (NASDAQ: VNDA) from Buy to Hold with a price target of $4.50 (down from $8.50).

The firm comments, "With TRxs flattening, additional brands (Zyprexa & Geodon) going generic, a new competitor (Latuda) doing well, and a potential delay in Fanapt in the EU, we now lower our WW Fanapt estimates. We're intrigued by tasimelteon's potential in depression, but assign no value for now (Ph III in blindness YE'12)."

Jefferies cut FY12 EPS from ($0.34) to ($0.35) and FY13 from ($0.41) to ($0.44).

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 $4.77 yesterday.

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