UPDATE: Jefferies Upgrades Vanda Pharmaceuticals to Buy on Tasimelteon Catalyst

Jefferies upgraded Vanda Pharmaceuticals

from Hold to Buy and raised the price target from $3.50 to $6.00. Jefferies commented, "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." Vanda Pharmaceuticals closed at $3.95 on Wednesday.