Jefferies Boosts Price Target on Vanda (VNDA) to $11 Amid Sell-Off

Jefferies analyst Corey Davis reiterated a Buy rating and raised his price target on Vanda Pharmaceuticals (NASDAQ: VNDA) from $7 to $11 amid Wednesday's 22% sell-off on a negative article at TheStreet.

Davis notes, "VNDA's up >100% since our upgrade and despite new Tasi approvability fears we remain optimistic given its robust clinical effect, placebo-like safety (lowers benefit/risk hurdle), and an orphan indication rather than an 'insomnia' claim (there won't be off-label use). Following NDA filing we lower the Tasi DCF discount rate a smidge, tweak up estimates, and raise to $11 PT. We look to possible priority-review news by end-July."

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 $8.51 yesterday.

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