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Vanda started at buy by Wainwright

May 28, 2017

H.C. Wainwright initiates coverage on Vanda Pharmaceuticals (NASDAQ: VNDA) with a Buy rating and a price target of $18.00.

Analyst Dr. Corey Davis comments “We don’t think any of the pipeline (primarily tradipitant) is priced in and hence, assuming success in clinical trials, could provide substantial upside. There are four important data readouts: (1) tradipitant P2 in pruritus in Q3; (2) tradipitant P2 in gastroparesis in 4Q; (3) Hetlioz P3 for jet lag in 4Q; and (4) Hetlioz P2/3 in Smith-Magenis Syndrome in 2018. Our DCF valuation projects an $18 target including success with tradipidant. But if we’re wrong, and tradipitant fails, we still calculate a $15 valuation without it; hence, we see little downside from current levels.”


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