UPDATE: Piper Jaffray Maintains Overweight On Vanda Pharmaceuticals On Hetlioz Outlook

In a report published Tuesday, Piper Jaffray analyst Joshua Schimmer maintained an Overweight rating on Vanda Pharmaceuticals

and maintained a price target of $21.00. In the report, Piper Jaffray says "We are assuming coverage of VNDA from our Piper Jaffray colleague Charles Duncan and continue highlighting the favorable long-term outlook for Hetlioz. The company recently negotiated an FDA Advisory Committee review of Hetlioz with ease, thereby earning a meaningful degree of credibility in the face of a controversy that seemed to exist more in the minds of investors than in the FDA. As we head toward Hetlioz commercialization, we expect bearish investors will continue to make the same mistake they made into the panel, namely, not giving the VNDA management team the credit they deserve. Our price target remains $21/share." Vanda closed on Tuesday at $11.42.