UPDATE: BofA Securities Starts Vanda Pharmaceuticals (VNDA) at Buy Upside to Come From Under the Radar Candidates
- Nasdaq set for record open as jobs recovery gains traction
- Lilly's (LLY) donanemab receives U.S. FDA's Breakthrough Therapy designation for treatment of Alzheimer's disease
- Dollar inches down, sterling steady ahead of Bank of England meeting
- Morgan Stanley's Huberty Dismisses Concerns Over Apple's (AAPL) 2022 Growth Prospects, Bumps PT; Says iPhone 'S' Cycle Is Different This Time and Sees 'Good' LT Buying Opportunity
- Visa (V) Acquires Tink, European Open Banking Platform for $2.2B
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
(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."
Shares of Vanda Pharmaceuticals closed at $17.83 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Piper Sandler Downgrades Dollar Tree (DLTR) to Neutral on Inability to Pass Through Inflation
- UPDATE: MoffettNathanson Starts Take-Two Interactive (TTWO) at Buy
- UPDATE: Jefferies Starts Inovio Pharmaceuticals (INO) at Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Hot Comments, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!