Citi starts Vanda with Buy rating, $26 price target. Citi analyst Joel Beatty initiated Vanda Pharmaceuticals with a Buy rating and $26 price target. The company’s 2018 sales are on track to be $180M-$200M, which largely supports the current enterprise value of $610M, Beatty tells investors in a research note. He believes upside in 2018 could come from sales growth plus a label expansion for Hetlioz, and Phase 2 tradipitant data. Further, late-stage pipeline agent tradipitant offers ” nearly a free call option,” the analyst contend
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