![](https://investorshub.advfn.com/uicon/81806.png?cb=1635633872)
Thursday, May 07, 2009 11:06:18 AM
05/07/09 - 10:24 AM EDT
Adam Feuerstein this B&^%$ was wrong again
Updated from 12:51 a.m. EDT
More on VNDA Latest News in Activist Investing Market Activity Johnson & Johnson| JNJ UPPfizer Incorporated| PFE UPHell froze over Wednesday night, right before a squadron of flying pigs took to the sky. These things must be true because the U.S. drug regulators also approved Vanda Pharmaceuticals'(VNDA Quote) treatment for schizophrenia.
The surprising -- some would say shocking -- approval of Vanda's drug Fanapt by the Food and Drug Administration sent shares of the company leaping more than 800% in Wednesday's after-hours trading session to just under $10 a share.
And no, that's not a typo. 800%. You read that correctly.
Wall Street had long ago left Fanapt for dead after the FDA rejected the drug in July 2008. The "not approvable" letter issued by the FDA at that time raised concerns about the efficacy of Fanapt and asked Vanda to conduct a new clinical trial and collect additional safety data.
Vanda didn't run a new clinical trial for Fanapt, choosing instead to resubmit the drug to the FDA last November with additional data from its existing clinical trials.
To say that investors considered this strategy to be long shot would be an understatement. Vanda's stock price fell well below $1, which valued the company at less than its cash on hand. Analysts either dropped coverage or downgraded the stock to a sell. The company was forced to lay off employees and cut back on other drug research programs.
On top of all that, activist hedge fund Tang Capital Partners bought up 3.96 million Vanda shares, or just under 15% of the company, and started a proxy fight for board seats in order to force Vanda to shut down and liquidate the remaining assets back to shareholders
http://www.thestreet.com/_yahoo/story/10497618/1/surprising-approval-for-vandas-fanapt.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
Recent VNDA News
- Vanda Pharmaceuticals Board of Directors Determines that Recent Unsolicited Takeover Proposals Are Not in the Best Interests of the Company and its Shareholders • PR Newswire (US) • 06/20/2024 12:48:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/13/2024 08:38:04 PM
- Vanda Pharmaceuticals Confirms Receipt of Revised Unsolicited Takeover Proposal from Future Pak • PR Newswire (US) • 06/13/2024 02:02:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/06/2024 08:30:57 PM
- Vanda Pharmaceuticals Confirms Receipt of Unsolicited, Non-Binding Indication of Interest from Cycle Group Holdings Ltd. • PR Newswire (US) • 06/06/2024 01:24:00 PM
- Vanda Pharmaceuticals Announces Participation in the Jefferies 2024 Global Healthcare Conference • PR Newswire (US) • 05/30/2024 09:20:00 PM
- Vanda Pharmaceuticals Announces Completion of Transfer of FDA Marketing Authorization for PONVORY® • PR Newswire (US) • 05/30/2024 08:48:00 PM
- Vanda Pharmaceuticals Announces Presentations at SLEEP 2024 • PR Newswire (US) • 05/29/2024 06:17:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/24/2024 08:49:41 PM
- Vanda Pharmaceuticals Board of Directors Determines that Revised Unsolicited Takeover Proposal is Not in the Best Interests of the Company and its Shareholders • PR Newswire (US) • 05/24/2024 08:46:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/24/2024 08:43:11 PM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 05/24/2024 08:31:28 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/21/2024 08:55:09 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/21/2024 08:53:14 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/21/2024 08:52:54 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 05/21/2024 08:34:42 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/20/2024 09:26:51 PM
- Vanda Pharmaceuticals Reports Positive Results from a Second Phase III Study of Tradipitant in Motion Sickness • PR Newswire (US) • 05/15/2024 12:45:00 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/13/2024 08:15:59 PM
- Form DEFA14A - Additional definitive proxy soliciting materials and Rule 14(a)(12) material • Edgar (US Regulatory) • 05/09/2024 09:15:58 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/09/2024 11:07:02 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/08/2024 08:06:04 PM
- Vanda Pharmaceuticals Reports First Quarter 2024 Financial Results • PR Newswire (US) • 05/08/2024 08:01:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/07/2024 08:51:10 PM
- Vanda Pharmaceuticals Confirms Receipt of Revised Unsolicited Takeover Proposal from Future Pak • PR Newswire (US) • 05/07/2024 03:16:00 PM
FEATURED POET Wins "Best Optical AI Solution" in 2024 AI Breakthrough Awards Program • Jun 26, 2024 10:09 AM
HealthLynked Promotes Bill Crupi to Chief Operating Officer • HLYK • Jun 26, 2024 8:00 AM
Bantec's Howco Short Term Department of Defense Contract Wins Will Exceed $1,100,000 for the current Quarter • BANT • Jun 25, 2024 10:00 AM
ECGI Holdings Targets $9.7 Billion Equestrian Apparel Market with Allon Brand Launch • ECGI • Jun 25, 2024 8:36 AM
Avant Technologies Addresses Progress on AI Supercomputer-Driven Data Centers • AVAI • Jun 25, 2024 8:00 AM
Green Leaf Innovations, Inc. Expands International Presence with New Partnership in Dubai • GRLF • Jun 24, 2024 8:30 AM