In a report released today, Esther Rajavelu from Oppenheimer maintained a Buy rating on Vanda (VNDA), with a price target of $29. The company’s shares closed yesterday at $20.45.
Rajavelu said:
“VNDA reported 3Q results that were in line with our revenue expectations and higher than our (and consensus) earnings estimate mainly due to lower R&D spend. Hetlioz revenues, a primary driver of our Outperform thesis, came in in line with our expectations, driven by higher scripts from psychiatrists than primary care physicians. We view psychiatrists’ scripts for sighted patients as a key growth driver for this product (recall our psych survey published last month supports increasing use among sighted patients). Management noted that YoY revenue growth does not reflect script growth due to access limitations, however remains confident its Vanda Benefits Program is sufficient to address these hurdles. We note pipeline readouts for Tradipitant Phase 2 gastroparesis and Hetlioz Smith-Magenis Syndrome are key catalysts in 4Q.”
According to TipRanks.com, Rajavelu is ranked #4347 out of 4918 analysts.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Vanda with a $28.67 average price target, which is a 40.2% upside from current levels. In a report issued on October 31, Stifel Nicolaus also reiterated a Buy rating on the stock.
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Vanda’s market cap is currently $1.07B and has a P/E ratio of 2045. The company has a Price to Book ratio of 4.26.
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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.
