Zacks Investment Research Upgrades Vanda Pharmaceuticals (VNDA) to “Buy”

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Zacks Investment Research upgraded shares of Vanda Pharmaceuticals (NASDAQ:VNDA) from a hold rating to a buy rating in a research note issued to investors on Friday. Zacks Investment Research currently has $26.00 price objective on the biopharmaceutical company’s stock.

According to Zacks, “Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on the development and commercialization of clinical-stage product candidates for central nervous system disorders. It is developing important new medicines to improve the lives of patients. It uses new technologies, including genetics & genomics, to inform our drug discovery, our clinical trials, and our commercial positioning of our compounds. The Company has three product candidates in clinical development. It’s lead product candidate, iloperidone, is a compound for the treatment of schizophrenia & bipolar disorder & is in a Phase III clinical trial for schizophrenia. It’s second product candidate, is a compound for the treatment of insomnia & depression which is currently in a Phase III clinical trial for insomnia. It’s third product candidate, is a compound for the treatment of excessive sleepiness & is ready for a Phase II clinical trial. “

VNDA has been the topic of several other reports. Oppenheimer set a $27.00 price target on shares of Vanda Pharmaceuticals and gave the stock a buy rating in a research report on Thursday, August 2nd. Seaport Global Securities restated a buy rating and issued a $26.00 price target on shares of Vanda Pharmaceuticals in a research report on Thursday, August 2nd. CIBC restated an outperform rating on shares of Vanda Pharmaceuticals in a research report on Friday, September 21st. Cantor Fitzgerald assumed coverage on shares of Vanda Pharmaceuticals in a research report on Wednesday, August 22nd. They issued a neutral rating and a $26.00 price target on the stock. Finally, BidaskClub upgraded shares of Vanda Pharmaceuticals from a buy rating to a strong-buy rating in a research report on Thursday, June 21st. One equities research analyst has rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $26.13.

NASDAQ VNDA remained flat at $$21.45 during midday trading on Friday. 673,273 shares of the company’s stock traded hands, compared to its average volume of 692,524. The firm has a market cap of $1.20 billion, a price-to-earnings ratio of -61.29 and a beta of 0.52. Vanda Pharmaceuticals has a 52 week low of $11.90 and a 52 week high of $23.50.

Vanda Pharmaceuticals (NASDAQ:VNDA) last posted its quarterly earnings results on Wednesday, August 1st. The biopharmaceutical company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.05) by $0.14. The company had revenue of $47.40 million for the quarter, compared to analyst estimates of $47.28 million. Vanda Pharmaceuticals had a net margin of 0.73% and a return on equity of 0.68%. The business’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period last year, the business posted $0.03 EPS. Equities research analysts forecast that Vanda Pharmaceuticals will post -0.02 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in VNDA. First Manhattan Co. lifted its holdings in shares of Vanda Pharmaceuticals by 478,333.0% during the 2nd quarter. First Manhattan Co. now owns 956,866 shares of the biopharmaceutical company’s stock worth $18,228,000 after acquiring an additional 956,666 shares during the period. BlackRock Inc. lifted its holdings in Vanda Pharmaceuticals by 16.3% during the 2nd quarter. BlackRock Inc. now owns 4,960,924 shares of the biopharmaceutical company’s stock valued at $94,506,000 after purchasing an additional 693,922 shares during the last quarter. Macquarie Group Ltd. lifted its holdings in Vanda Pharmaceuticals by 12.1% during the 2nd quarter. Macquarie Group Ltd. now owns 2,555,004 shares of the biopharmaceutical company’s stock valued at $48,673,000 after purchasing an additional 276,057 shares during the last quarter. Northern Trust Corp lifted its holdings in Vanda Pharmaceuticals by 15.7% during the 2nd quarter. Northern Trust Corp now owns 676,300 shares of the biopharmaceutical company’s stock valued at $12,884,000 after purchasing an additional 91,539 shares during the last quarter. Finally, Globeflex Capital L P bought a new position in Vanda Pharmaceuticals during the 2nd quarter valued at about $1,218,000. 93.56% of the stock is owned by institutional investors.

About Vanda Pharmaceuticals

Vanda Pharmaceuticals Inc, a biopharmaceutical company, focuses on the development and commercialization of products for the treatment of central nervous system disorders. The company's marketed products include HETLIOZ (tasimelteon), a product for the treatment of non-24-hour sleep-wake disorders; and Fanapt (iloperidone), a product for the treatment of schizophrenia.

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