B. Riley raised the firm’s price target on Vanda Pharmaceuticals (VNDA) to $14 from $11 and keeps a Buy rating on the shares after the FDA approved Nereus for prevention of vomiting induced by motion sickness. The news supports the view that Vanda is an “ongoing turnaround story” trading at an “excessive discount” heading into two more potential approvals within the next 12 months, the analyst tells investors in a research note. Riley says that while the approval could unlock over $100M in peak revenue, the greater significance is in the implications for tradipitant approval in GLP-1 related nausea.
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