Oppenheimer analyst Esther Rajavelu initiated coverage with a Buy rating on Vanda (NASDAQ: VNDA) today and set a price target of $29. The company’s shares opened today at $19.70.
Rajavelu commented:
“We are assuming coverage of VNDA and maintaining the Outperform rating while increasing our price target to $29 from $27. We believe Hetlioz (tasimelteon) uptake potential in the US remains underappreciated, specifically from sighted psychiatric patients with non-24 sleep-wake disorder (N24SWD), a cohort that could represent 47,000+ adult patients in the US. Importantly, our research among psychiatrists who are prescribing Hetlioz indicates ~50% of their prescriptions are for sighted patients, and that a majority plan to increase their prescriptions over the next 12 months.”
According to TipRanks.com, Rajavelu is ranked #4507 out of 4875 analysts.
Vanda has an analyst consensus of Strong Buy, with a price target consensus of $25.75.
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The company has a one-year high of $23.35 and a one-year low of $11.90. Currently, Vanda has an average volume of 503.7K.
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Vanda Pharmaceuticals, Inc. engages in the development and commercialization of therapies for high unmet medical needs. It intends to treat schizophrenia, jet lag disorder, atopic dermatitis, central nervous system disorders, and circadian rhythm sleep disorder. Its product portfolio includes HETLIOZ, Fanapt, Tradipitant, Trichostatin, and AQW051.
