UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Vanda Pharmaceuticals Following FDA Decision

In a report published Tuesday, Jefferies analyst Oren G. Livnat reiterated a Buy rating on Vanda Pharmaceuticals VNDA, and raised the price target from $11.00 to $13.00. In the report, Jefferies noted, “FDA accepted the Tasimelteon NDA, granted priority review (8-month review, Jan 31, '14 action date), and set a tentative Advisory Committee meeting for Nov 14, '13. This signals to us that FDA 1) views ‘Non24' as a serious unmet need, 2) does not view this as another ‘insomnia' treatment, and 3) is receptive to the tasimelteon package. The AdCom panelist composition will be vital. Raise to $13 on further de-risking.” Vanda Pharmaceuticals closed on Monday at $8.05.