Vanda Pharmaceuticals (NASDAQ:VNDA) shot up in pre-market trading after the biopharmaceutical company announced that the U.S. Food and Drug Administration (FDA) has approved Fanapt (iloperidone) tablets for the treatment of bipolar disorder in adults.
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The approval of Fanapt for the acute treatment of adults with manic or mixed episodes associated with bipolar I disorder was based on a pivotal study randomizing around 400 patients. This study showed that patients treated with Fanapt showed a larger improvement than placebo-treated patients, and this difference was highly statistically significant.
What Is the Price Target for Vanda?
None of the Wall Street analysts have covered Vanda stock over the past three months. Over the past year, VNDA stock has declined by more than 40%.
