Over 200% Stock Upside - Vanda Pharmaceuticals Undervalued With Robust Portfolio And Pipeline: Analyst
Over 200% Stock Upside - Vanda Pharmaceuticals Undervalued With Robust Portfolio And Pipeline: Analyst
Vanda trades at a nearly 30% discount to its cash reserves, giving it a negative enterprise value—a surprising valuation given its strong sales and projected profitability runway through late 2026, even if only some of its clinical and commercial projects succeed.HC Wainwright initiated coverage on Vanda Pharmaceuticals, Inc. (NASDAQ:VNDA), a commercial-stage biopharmaceutical firm primarily focusing on neurological and neuropsychiatry disorders.
HC Wainwright启动了对万达生物制药公司（纳斯达克：VNDA）的覆盖，这家商业化阶段的生物药公司主要专注于神经病学和神经精神疾病。
HC Wainwright sees Vanda as having a well-established commercial portfolio, with multiple line extensions and life cycle management opportunities across its three key franchises: Fanapt, Hetlioz, and Ponvory.
HC Wainwright认为万达拥有一个成熟的商业组合，包括多条产品线延伸和维生周期管理机会，涵盖其三大关键领域：Fanapt、Hetlioz和Ponvory。
The analyst notes a pipeline of promising programs with numerous opportunities for significant clinical and regulatory milestones expected over the next 6 to 18 months.
分析师指出，万达拥有一个有前途的项目管线，未来6至18个月预计将有许多重要的临床和监管里程碑机会。
Vanda trades at a nearly 30% discount to its cash reserves, giving it a negative enterprise value—a surprising valuation given its strong sales and projected profitability runway through late 2026, even if only some of its clinical and commercial projects succeed.
万达的股价几乎比其现金储备折价30％，形成了负企业价值，尽管其强大的销售额和预计利润在2026年底之前的增长路径令人惊讶，即使它的一些临床和商业项目只是取得部分成功。
HC Wainwright initiates with a Buy rating with a price target of $18.
HC Wainwright以买入评级启动，目标股价为18美元。
Vanda's value proposition, however, has been obscured by the ongoing generic competition within its sleep disorder portfolio centered around Hetlioz (tasimelteon) and a recent FDA Complete Response Letter (CRL) for tradipitant in gastroparesis, the analyst notes.
然而，分析师指出，万达的价值主张对其围绕Hetlioz（tasimelteon）的睡眠障碍组合中持续存在的仿制品竞争以及最近针对胃轻瘫患者的tradipitant药物遭到FDA的完整回复函（CRL）而被掩盖。
Hetlioz, while forecast to bring in about $75 million in 2024 sales, is assumed to decline post-2028; however, ongoing litigation could slow generic entry, and Vanda may expand tasimelteon's indications.
预计2024年Hetlioz销售额将达到大约7500万美元，但预计2028年后将下降；然而，持续的诉讼可能会拖慢仿制药的进入，而万达可能会扩大tasimelteon的适应症。
In October, Cycle Pharmaceuticals reaffirmed its proposal to acquire Vanda Pharmaceuticals for an all-cash consideration of $8.00 per share.
十月，Cycle Pharmaceuticals重申了其提出全现金的8.00美元每股收购万达生物制药的建议。
However, Vanda declined to accept the offer.
然而，万达拒绝接受这个提议。
Earlier this year, Future Pak withdrew its proposal to purchase the company.
今年早些时候，未来派克撤回了收购该公司的提案。
The analyst says past M&A offers indicate that Vanda is intrinsically undervalued and may become an attractive M&A target for one or more mid-size pharmaceutical firms if its near—and medium-term pipeline and product portfolio initiatives are successful.
分析师表示，根据以往的并购要约，万达在内在价值上被低估，如果其近中期的产品管线和产品组合计划取得成功，可能会成为一家或多家中型药品公司的吸引并购目标。
"Given the negative enterprise value at which Vanda trades despite the continued traction of its marketed products and the risk-mitigated nature of its pipeline and LCM initiatives, we find it difficult to visualize substantial downside risk from current levels," HC Wainwright says.
“鉴于万达的企业价值为负，尽管其营销产品持续增长，产品管线和LCm项目的风险已得到控制，我们发现很难想象从目前水平出现实质性下行风险，” HC Wainwright表示。
Price Action: VNDA stock is up 0.87% at $4.69 at the last check on Friday.
价格走势：VNDA股票在上周五最后检查时上涨了0.87%，报价4.69美元。
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