UPDATE: BofA Securities Starts Vanda Pharmaceuticals (VNDA) at Buy Upside to Come From Under the Radar Candidates

May 12, 2021 6:03 AM EDT
Get Alerts VNDA Hot Sheet
Price: $18.90 --0%

Rating Summary:
    10 Buy, 3 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 10 | Down: 5 | New: 40
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(Updated - May 12, 2021 7:34 AM EDT)

BofA Securities initiated coverage on Vanda Pharmaceuticals (NASDAQ: VNDA) with a Buy rating and a price target of $22.00. Vanda is a commercial stage biopharma company with two core assets Fanapt / Hetlioz that treat patients with both schizophrenia and sleep/developmental disorders. The company is already profitable with a strong core commercial base (~$300M in FY21e sales), but the investment thesis is focused on the under the radar growing pipeline.

The analyst stated "We value the core Hetlioz/Fanapt franchise at $8/share with $7/share net cash, which puts total pipeline value based on where shares are trading at only about $2/share. We value tradipitant, the lead pipeline asset, at $5/share (risk-adjusted for its the three key late-stage indications) and the mid/early stage pipeline at $2/share, though admittedly our collective pipeline value could double following several clinical and commercial updates over the next 6 to 12 months."

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 $17.83 yesterday.

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