Jefferies Group upgraded shares of Vanda Pharmaceuticals (NASDAQ: VNDA) from a hold rating to a buy rating in a report released on Thursday. Jefferies Group currently has $6.00 target price on the stock, up from their previous target price of $3.50.
“We’re finally giving credit for tasimelteon given 1) surprisingly good recent Non24 Ph.3 data w/clinical sleep efficacy which likely improves FDA receptivity, 2) orphan pricing not confounded by ‘depression’ efforts, and 3) approaching regulatory catalysts. We still think it’s far from a slam dunk, but even conservatively discounted Tasi contribution is likely big upside from current negative EV level.,” Jefferies Group’s analyst wrote.
A number of other firms have also recently commented on VNDA. Analysts at Lazard Capital Markets initiated coverage on shares of Vanda Pharmaceuticals in a research note to investors on Tuesday, February 5th. They set a buy rating and a $11.00 price target on the stock. Analysts at JMP Securities initiated coverage on shares of Vanda Pharmaceuticals in a research note to investors on Thursday, January 17th. They set an outperform rating and a $9.00 price target on the stock.
Shares of Vanda Pharmaceuticals remained flat at $3.97 during during mid-day trading trading on Thursday. Vanda Pharmaceuticals has a 52 week low of $2.92 and a 52 week high of $5.23. The stock’s 50-day moving average is currently $3.98. The company’s market cap is $112.1 million.
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