Hapoalim Securities Reiterates Buy Rating, $15 PT On VNDA

Vanda Pharmaceuticals, Inc. VNDA announced that Novartis NVS has initiated a Phase 1 study “to evaluate a once-monthly injectable microsphere formulation and an aqueous crystals formulation of Fanapt,” Hapoalim Securities reports. “The pharmacokinetic study will likely be a three or four months study, and the results could lead to a 12-week, Phase 3 efficacy study sometime in early 2012,” Hapoalim Securities writes. “We view the initiation of this trial as evidence that Novartis remains committed to the Fanapt program and will continue supporting the sales of the oral version. We reiterate our BUY rating and $15 Price Target on Vanda shares.” Vanda Pharmaceuticals closed Monday at $7.31; Novartis closed at $55.19.