Jefferies analyst, Chris Howerton, maintained his Buy rating and $15 PT after Vanda (NASDAQ: VNDA) reported a strong 1Q with 3 takeaways:

1) Hetlioz - strong 1Q sales (~$16.2M vs Jef est. of ~$15.4M) suggt'ng ~80 net patient adds in our model; EU launch in 3Q16 mgmt reiterated their guidance for Hetlioz sales in 2016 to be between $63-78M.

2) Fanapt - sales stabilizing with new salesforce; pot'l for 3yr data exclusivity with sNDA approval (PDUFA May 27)

3) Pipeline - SMS open-label pilot trial and ph 2 tradipidant trial ongoing.

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 $8.32 yesterday.