Jefferies analyst Chris Howerton assumed coverage of Vanda Pharmaceuticals with a Buy rating and $26 price target. The analyst believes Hetlioz sales will continue to show consistent growth and that Fanapt sales to stabilize over the next five years.

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."