Vanda is one of the few biotechs I follow that is actually trading below it's cash value. Vanda's primary product is fanapt - an atypical treatment for schizophrenia. Vanda has a licencing agreement with Novartis (NVS) for the sales of Fanapt. Vanda is fresh of a 52-week low of $6.20 and Fanapt sales have been, well, abysmal. The company reported only 4,000 total prescriptions of the schizophrenia drug in June - but it was only launched in January and they are hoping for further increases in sales. Vanda's revenue has largely come in the form of milestone payments from Novartis with Fanapt's royalties reaching only $1.5 million for the quarter.
Along with a potential increase in Fanapt sales, whether or not Vanda is a good buy relies largely on revenues realized from it's pipeline. Vanda is currently developing an injectable formulation of Fanapt that may add to their bottom line. Vanda is also developing Tasimelteon for the treatment of Non-24-Hour Sleep/Wake Disorder in blind individuals. Tasimelteon has reported positive phase III trials for improvement of sleep onset in this patient population. The company expects to file a new drug application (NDA) for Tasimelteon with the FDA in 2011.
Vanda is covered by three research analysts with an average 'buy' rating and an average one year price target of $13.50/share.
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