Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

According to Zacks, “Vanda Pharmaceuticals Inc. is a biopharmaceutical company focused on the development and commercialization of clinical-stage product candidates for central nervous system disorders. It is developing important new medicines to improve the lives of patients. It uses new technologies, including genetics & genomics, to inform our drug discovery, our clinical trials, and our commercial positioning of our compounds. The Company has three product candidates in clinical development. It’s lead product candidate, iloperidone, is a compound for the treatment of schizophrenia & bipolar disorder & is in a Phase III clinical trial for schizophrenia. It’s second product candidate, is a compound for the treatment of insomnia & depression which is currently in a Phase III clinical trial for insomnia. It’s third product candidate, is a compound for the treatment of excessive sleepiness & is ready for a Phase II clinical trial. “

A number of other equities research analysts have also commented on the stock. Oppenheimer Holdings, Inc. reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Vanda Pharmaceuticals in a research note on Thursday, September 14th. Piper Jaffray Companies upped their price objective on shares of Vanda Pharmaceuticals from $23.00 to $26.00 and gave the company an “overweight” rating in a research note on Thursday, September 14th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $21.00 price objective on shares of Vanda Pharmaceuticals in a research note on Tuesday, August 29th. BidaskClub raised shares of Vanda Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Tuesday, August 22nd. Finally, HC Wainwright set a $18.00 price objective on shares of Vanda Pharmaceuticals and gave the company a “buy” rating in a research note on Thursday, August 3rd. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $21.29.

Vanda Pharmaceuticals (NASDAQ:VNDA) remained flat at $16.00 during midday trading on Thursday. The company’s stock had a trading volume of 304,408 shares. The firm’s market cap is $717.73 million. The firm has a 50-day moving average price of $17.38 and a 200 day moving average price of $15.71. Vanda Pharmaceuticals has a 12 month low of $12.70 and a 12 month high of $18.99.

Vanda Pharmaceuticals (NASDAQ:VNDA) last posted its quarterly earnings data on Wednesday, August 2nd. The biopharmaceutical company reported ($0.03) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.21) by $0.18. Vanda Pharmaceuticals had a negative net margin of 6.54% and a negative return on equity of 7.85%. The company had revenue of $42.06 million for the quarter, compared to analyst estimates of $40.31 million. During the same period in the prior year, the firm posted $0.01 EPS. The company’s quarterly revenue was up 16.7% on a year-over-year basis. Equities research analysts forecast that Vanda Pharmaceuticals will post ($0.43) EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Rice Hall James & Associates LLC boosted its stake in Vanda Pharmaceuticals by 1.0% during the second quarter. Rice Hall James & Associates LLC now owns 27,903 shares of the biopharmaceutical company’s stock worth $455,000 after acquiring an additional 279 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Vanda Pharmaceuticals by 1.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 45,562 shares of the biopharmaceutical company’s stock worth $638,000 after acquiring an additional 541 shares in the last quarter. American International Group Inc. boosted its stake in Vanda Pharmaceuticals by 7.1% during the first quarter. American International Group Inc. now owns 22,563 shares of the biopharmaceutical company’s stock worth $316,000 after acquiring an additional 1,491 shares in the last quarter. California Public Employees Retirement System boosted its stake in Vanda Pharmaceuticals by 3.8% during the second quarter. California Public Employees Retirement System now owns 59,600 shares of the biopharmaceutical company’s stock worth $971,000 after acquiring an additional 2,200 shares in the last quarter. Finally, Legal & General Group Plc boosted its stake in Vanda Pharmaceuticals by 37.4% during the second quarter. Legal & General Group Plc now owns 11,105 shares of the biopharmaceutical company’s stock worth $181,000 after acquiring an additional 3,022 shares in the last quarter. 86.49% of the stock is currently owned by institutional investors and hedge funds.

About Vanda Pharmaceuticals

Vanda Pharmaceuticals Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of therapies to address unmet medical needs. Its product portfolio includes HETLIOZ (tasimelteon), Fanapt (iloperidone), Tradipitant (VLY-686), Trichostatin A and AQW051. It offers HETLIOZ for the treatment of Non-24-Hour Sleep-Wake Disorder (Non-24).

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