Vanda Pharmaceuticals assumed with an Overweight at Cantor Fitzgerald

Cantor Fitzgerald assumed coverage of Vanda Pharmaceuticals (VNDA) with an Overweight rating and $13 price target Vanda is in the process of becoming a turnaround story, and while the transformation won’t happen overnight, it’s “a name we can get behind” at the current valuation, and Cantor expects Vanda to be in a “much different” position this time next year, the analyst tells investors in a research note. Vanda has a growing revenue stream with Fanapt’s launch in bipolar 1 disease, with an ongoing segue to the next-generation product Bysanti, the firm says.