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VNDA

Vanda Pharmaceuticals

$17.54

-1.41 (-7.44%)

10:47
02/11/19
02/11
10:47
02/11/19
10:47

Vanda Pharmaceuticals under pressure as Aurelius Value discloses short position

Shares of Vanda Pharmaceuticals (VNDA) are slipping after Aurelius Value disclosed a short position in the stock, stating in a newly published report that a recently unsealed whistleblower complaint includes "detailed allegations that Vanda has engaged in a series of fraudulent schemes, some personally orchestrated by [CEO Mihael] Polymeropoulos himself, to defraud government payors." SHORT VANDA PHARMACEUTICALS: In a newly published report, Aurelius Value said it is short Vanda Pharmaceuticals. The report noted that while Vanda shares surged to all-time highs in recent months, detailed but anonymous "allegations of illegal sales practices and outright criminality" quietly gathered steam on an industry message board named CafePharm, as Vanda experienced a mass exodus of employees, with authority over key departments reportedly being transferred to the CEO's children and new hires lacking experience. "Now, a 150 page Qui Tam lawsuit filed by a whistleblower was recently unsealed with detailed allegations that Vanda has engaged in a series of fraudulent schemes, some personally orchestrated by [CEO Mihael] Polymeropoulos himself, to defraud government payors. The allegations describe illegal off-label promotion of both of Vanda's drugs, Vanda's participation in a fraud involving doctors writing hundreds of 'fake prescriptions' and pocketing cash using Vanda-issued copay cards, falsified documents in internal systems, and resignations of senior executives who refused to participate in illegal activity," the report read. Further, Aurelius Value argued that the new allegations amplify the findings from his own months-long investigation, which yielded "evidence in private calls who described off-label promotion, suspect business practices, and internal turmoil that continued well after the whistleblower's departure." At a current valuation of around 5 times trailing sales, Vanda investors are "paying a significant 'blue sky' premium for projected future growth," the short seller contended, adding that it believes investors "fundamentally misunderstand the true nature of Vanda's activities" and therefore sees significant downside potential in the shares. At the time of writing, Vanda Pharmaceuticals had not responded to The Fly's requests for comment. PRICE ACTION: In morning trading, shares of Vanda Pharmaceutical have dropped over 5% to $17.98.

  • 13

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  • 16

    Aug

VNDA Vanda Pharmaceuticals
$17.54

-1.41 (-7.44%)

02/06/19
02/06/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. PayPal (PYPL) downgraded to Neutral from Buy at Guggenheim with the firm citing balanced risk/reward. 2. Arlo Technologies (ARLO) downgraded to Underperform from Neutral at BofA/Merrill and to Market Perform from Outperform at Cowen. 3. Celanese (CE) downgraded to Market Perform from Outperform at Cowen with analyst Charles Neivert saying recent subtle changes in industry fundamentals and the macro outlook have made him more cautious. 4. Estee Lauder (EL) downgraded to Hold from Buy at Berenberg with analyst Rosie Edwards saying that while the company's Q2 results were "strong across the board," she expects top-line growth to moderate, due mainly to skincare and Asia-Pacific. 5. Vanda Pharmaceuticals (VNDA) downgraded to Neutral from Overweight at Cantor Fitzgerald with analyst Charles Duncan saying the company's complaint against the FDA reduces visibility on development timelines for tradipitant in gastroparesis, perhaps even pruritus, and may also affect Hetlioz label expansion efforts. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
02/06/19
CANT
02/06/19
DOWNGRADE
Target $30
CANT
Neutral
Cantor downgrades Vanda on reduced visibility after FDA complaint
Cantor Fitzgerald analyst Charles Duncan downgraded Vanda Pharmaceuticals to Neutral from Overweight and lowered his price target for the shares to $30 from $38. The company's complaint against the FDA reduces visibility on development timelines for tradipitant in gastroparesis, perhaps even pruritus, and may also affect Hetlioz label expansion efforts, Duncan tells investors in a research note. The "challenged" FDA interactions are a result of management disagreement with the agency over the scientific merits of conducting certain nonclinical testing, says the analyst.
02/06/19
CANT
02/06/19
DOWNGRADE
CANT
Neutral
Vanda Pharmaceuticals downgraded to Neutral from Overweight at Cantor Fitzgerald
12/11/18
12/11/18
DOWNGRADE

Perform
Vanda downgraded to Perform at Oppenheimer on balanced risk/reward
As previously reported, Oppenheimer analyst Esther Rajavelu downgraded Vanda Pharmaceuticals to Perform from Outperform saying that with the tasimelteon Smith-Magenis Syndrome trial meeting one of the two primary endpoints, the stock fairly reflects the inherent risk/reward at current trading levels. The analyst will await on the sidelines the publication of the results and an update on the regulatory strategy post the pre-NDA meeting.

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