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啓動了對萬達生物製藥公司（納斯達克：VNDA）的覆蓋，這家商業化階段的生物藥公司主要專注於神經病學和神經精神疾病。
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認爲萬達擁有一個成熟的商業組合，包括多條產品線延伸和維生週期管理機會，涵蓋其三大關鍵領域：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.
分析師指出，萬達擁有一個有前途的項目管線，未來6至18個月預計將有許多重要的臨床和監管里程碑機會。
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.
萬達的股價幾乎比其現金儲備折價30％，形成了負企業價值，儘管其強大的銷售額和預計利潤在2026年底之前的增長路徑令人驚訝，即使它的一些臨床和商業項目只是取得部分成功。
HC Wainwright initiates with a Buy rating with a price target of $18.
HC Wainwright以買入評級啓動，目標股價爲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，分析師指出，萬達的價值主張對其圍繞Hetlioz（tasimelteon）的睡眠障礙組合中持續存在的仿製品競爭以及最近針對胃輕癱患者的tradipitant藥物遭到FDA的完整回覆函（CRL）而被掩蓋。
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.
預計2024年Hetlioz銷售額將達到大約7500萬美元，但預計2028年後將下降；然而，持續的訴訟可能會拖慢仿製藥的進入，而萬達可能會擴大tasimelteon的適應症。
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重申了其提出全現金的8.00美元每股收購萬達生物製藥的建議。
However, Vanda declined to accept the offer.
然而，萬達拒絕接受這個提議。
Earlier this year, Future Pak withdrew its proposal to purchase the company.
今年早些時候，未來派克撤回了收購該公司的提案。
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.
分析師表示，根據以往的併購要約，萬達在內在價值上被低估，如果其近中期的產品管線和產品組合計劃取得成功，可能會成爲一家或多家中型藥品公司的吸引併購目標。
"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.
「鑑於萬達的企業價值爲負，儘管其營銷產品持續增長，產品管線和LCm項目的風險已得到控制，我們發現很難想象從目前水平出現實質性下行風險，」 HC Wainwright表示。
Price Action: VNDA stock is up 0.87% at $4.69 at the last check on Friday.
價格走勢：VNDA股票在上週五最後檢查時上漲了0.87%，報價4.69美元。
- Apple Satellite Connectivity Provider Globalstar Stock Surges After Deal Extension
- 蘋果衛星連接提供商全球星股票在交易延期後飆升。
譯文內容由第三人軟體翻譯。
