Hapoalim Securities Lowers VNDA Target To $15 From $16

Hapoalim Securities is lowering its PT on Vanda Pharmaceuticals Inc.

to $15 from $16. “Titan Pharmaceuticals pre-announced 4Q10 Fanapt sales of $5.1 million, which was significantly lower than the $13.2 million we were modeling,” Hapoalim Securities writes. “We now estimate that demand-based sales to patients were approximately $12.9 million in the fourth quarter with $7.8 million in de-stocking. “Based on lower than expected 4Q10 reported Fanapt sales, we are lowering our 2010-2014 Fanapt revenue estimates and our peak sales estimate for the Fanapt franchise from $474 million to $365 million. A lower peak sales estimate decreases our Price Target for Vanda from $16 to $15.” Vanda Pharmaceuticals currently trades at $7.63.