Jefferies analyst Matthew Andrews notes that Vanda Pharmaceuticals in September will report Phase II data in atopic dermatitis with chronic pruritus. Tradipitant in chronic pruritus represents a key clinical event for Vanda shares, Andrews tells investors in a research note. The analyst sees share upside of 15%-25% on positive data and a floor of $13-$14 per share if results are negative. Vanda closed yesterday up 20c to $16.50. Chronic pruritus "conservatively" represents a $530M-plus market for tradipitant, which could add $10-$15 per share, Andrews estimates. He has a Buy rating on Vanda with a $21 price target.