Lazard Capital Markets Reiterates Buy on Vanda Pharmaceuticals on Good Entry Point

In a report published Monday, Lazard Capital Markets analyst Joshua Schimmer reiterated a Buy rating and $22.00 price target on

. In the report, Lazard Capital Markets noted, “VNDA shares got hammered on Friday in part off a short report that makes multiple points that are way off base, in our view. Weakness may also be supported by option expiry. We stand by our rigorous analysis, which includes checks with specialists and patient advocacy groups, a comprehensive review of FDA panel precedents, analysis of the data, and a recent presentation by the former head of the CNS division which we attended. We see minimal risk to the Hetlioz (tasimelteon) Ad Comm meeting on Nov. 14, 2013. Friday's weakness further skews the risk-reward profile of the stock even more favorably than before, in our view, and we would use this as a strong buying opportunity. Price target remains $22.” Vanda Pharmaceuticals closed on Friday at $7.83.