1153 ET - Vanda Pharmaceuticals is a potential under-the-radar sleeper hit, says H.C. Wainwright, which initiates coverage of the biopharma's shares with a buy rating and $18 price target. In a research note, analyst Raghuram Selvaraju says he believes generic threats to Vanda's sleep-disorders franchise and the FDA's recent rejection of tradipitant in gastroparesis have obscured the investors' sight of Vanda's underlying value proposition. H.C. Wainwright says Vanda has a well-established commercial portfolio, a pipeline of potentially highly accretive programs and a negative enterprise value, trading at an almost 30% discount to its last reported cash position. Vanda up 2.1% to $4.66. (colin.kellaher@wsj.com)
(END) Dow Jones Newswires
October 31, 2024 11:53 ET (15:53 GMT)
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