Vanda Pharmaceuticals initiated with a Buy at B. Riley

B. Riley initiated coverage of Vanda Pharmaceuticals (VNDA) with a Buy rating and $11 price target The firm says Vanda is a commercial-stage turnaround story trading at a “historic discount.” The company is heading into two potential approvals within three months and “clearing of multiple overhangs that have kept investors on the sidelines,” the analyst tells investors in a research note. It believes the stock’s current negative enterprise value represents an attractive entry point.