JMP Securities analyst Jason Butler raised his price target on Vanda after the company won a favorable verdict in the trial over the generic version of Fanapt. The analyst calls the ruling "a substantial victory" for the company and keeps an Outperform rating on the shares.

Vanda Pharmaceuticals "announced that the Supreme Court denied Vanda's petition for a writ of certiorari in its HETLIOZ(R) Abbreviated New Drug Application litigation against Teva Pharmaceuticals USA, Inc., Apotex Inc. and Apotex Corp." CEO Mihael H. Polymeropoulos stated: "We are disappointed that the Supreme Court has decided not to hear our case and clarify the lower court standard for obviousness in patent law. However, we are pleased that our case has drawn attention to an area of law that has broad and significant implications in life sciences innovation."