Here's Why Vanda Pharmaceuticals Stock Soared on Thursday
Shares of Vanda Pharmaceuticals (NASDAQ: VNDA), a commercial-stage biotechnology company, jumped in response to the company's second-quarter earnings call. Investors happy about what management had to say drove the stock 26.8% higher on Thursday.
In the first quarter, Vanda reported a steep revenue drop, and investors were glad to see sales are back on track. In the second quarter net sales of Hetlioz, a treatment for non-24-hour sleep-wake disorder, came in 24% higher than during the first quarter. Vanda's schizophrenia drug, Fanapt, rose 13% compared to the first quarter.
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