Vanda Pharmaceuticals (VNDA)
Develops and commercializes specialty therapies across psychiatric, sleep, MS, and motion-sickness markets.
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Commercializes Fanapt, HETLIOZ, PONVORY, NEREUS, and newly approved BYSANTI while developing related specialty-drug programs. Sales are concentrated in the United States, managed as one reportable segment, and shaped by FDA review outcomes, generic HETLIOZ competition, payer behavior, and outsourced supply partners.
Builds and sells a specialty-drug portfolio rooted in CNS and pharmacogenetics-informed development. Commercial products include Fanapt for schizophrenia and bipolar I disorder, HETLIOZ for Non-24 and Smith-Magenis sleep disturbances, PONVORY for relapsing multiple sclerosis, NEREUS for motion-induced vomiting, and BYSANTI for bipolar I disorder and schizophrenia.
Keeps revenue concentrated in the United States and reports one segment covering therapy development and commercialization. The model relies on third parties for raw materials, manufacturing, warehousing, billing, collection, and distribution rather than owned facilities.
Extends from a founder-led research posture that uses genetics and genomics in discovery, trials, and commercialization. The business is shaped by FDA review outcomes, HETLIOZ generic competition and patent litigation, payer preferences for generics, and contracted supply partners.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 11, 2026 | H.C. Wainwright | Target | Target: $24 | Target: $21 |
| Feb 23, 2026 | H.C. Wainwright | Target | Target: $22 | Target: $24 |
| Jan 5, 2026 | H.C. Wainwright | Target | Target: — | Target: $22 |
| Dec 31, 2025 | Jefferies | Reiterate | Rating: —Target: — | Target: $7.50 |
| Nov 5, 2025 | B.Riley Financial | Target | Target: — | Target: $11 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $170.0M · Total debt $22.8M · Total assets $412.5M · Shareholders' equity $220.2M
- Revenue
- $50.5M
- Operating income
- −$63.8M
- Net income
- −$62.5M
No dividends on record.
| Institutions | ≈ 83.07% | 50.23M shares | |
|---|---|---|---|
| 177 holders · as of Jun 30, 2026 · largest filers plus last quarter's tail | |||
| Insiders | 9.05% | 5.47M shares | |
| 14 holders · as of Jun 8, 2026 | |||
| Other | ≈ 7.88% | 4.76M shares | |
| remainder | |||
60.46M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
This quarter's institutional total failed a plausibility check; shown: the largest filers plus last quarter's remainder.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 12.66% | 7.65M | as of Jun 30, 2026 |
State Street CorpInstitution | 5.82% | 3.52M | as of Jun 30, 2026 |
AQR Capital Management LLCInstitution | 5.78% | 3.50M | as of Jun 30, 2026 |
Renaissance Technologies LLCInstitution | 5.69% | 3.44M | as of Jun 30, 2026 |
Mihael Hristos PolymeropoulosInsiderdirector, officer, other: President and CEO | 4.47% | 2.70M | filed Mar 4, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Mar 2, 2026 | Gunther Birznieks | officer: SVP, Business Development | −42,431 | $8.27 |
| Mar 2, 2026 | Mihael Hristos Polymeropoulos | director, officer, other: President and CEO | −156,235 | $8.17 |
| Mar 2, 2026 | Joakim Wijkstrom | officer: SVP, Chief Marketing Officer | −30,800 | $8.27 |
| Mar 2, 2026 | Kevin Patrick Moran | officer: SVP, CFO & Treasurer | −42,442 | $8.27 |
| Mar 2, 2026 | Timothy Williams | officer: SVP & General Counsel | −42,434 | $8.27 |
- Teva (ADR)
Direct HETLIOZ generic pressure plus LAI psychiatry overlap
- Johnson & Johnson
Large neuroscience peer in schizophrenia and bipolar-adjacent psychiatry
- Alkermes
Focused branded psychiatry rival in schizophrenia and bipolar I
- Bristol-Myers Squibb
Schizophrenia and MS overlap through COBENFY and ZEPOSIA
- Novartis (ADR)
Major MS rival through MAYZENT and KESIMPTA
- Biogen
Established MS franchise competing with PONVORY
- Prestige Consumer Healthcare
Dramamine brand competes with NEREUS in motion sickness
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Vanda Pharmaceuticals | $5.20 | +0.78% | $310.0M | — | — | 1.4 | −3.9% |
| Teva (ADR) | $39.65 | −1.02% | $46.66B | 66.8 | 14.1 | 2.7 | −0.8% |
| Johnson & Johnson | $269.57 | +0.04% | $649.40B | 31.2 | 22.7 | 6.6 | +6.6% |
| Alkermes | $43.70 | −1.09% | $7.41B | 115.4 | — | 4.4 | +27.0% |
| Bristol-Myers Squibb | $62.38 | −0.38% | $127.91B | 13.8 | 9.8 | 2.6 | +5.7% |
| Novartis (ADR) | $141.57 | +0.42% | $267.96B | 21.3 | 15.1 | 4.8 | +0.9% |
| Biogen | $225.14 | +2.77% | $32.37B | 38.8 | 17.0 | 3.3 | +3.4% |
| Prestige Consumer Healthcare | $47.56 | +1.62% | $2.22B | 13.1 | 10.1 | 2.0 | +6.5% |
| Median | 31.2 | 14.6 | 3.3 | +5.7% |