UPDATE: Jefferies Upgrades Vanda Pharmaceuticals to Buy on Tasimelteon Catalyst
Jefferies upgraded Vanda Pharmaceuticals (NASDAQ: VNDA) 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.
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