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Vanda Pharma (VNDA) Stock Price Target Upped on Drug Patent Ruling

NEW YORK (TheStreet) -- Vanda Pharmaceuticals' (VNDA) stock price target was raised to $22 from $18 at JMP Securities on Friday.

The higher price target comes after a Delaware court's decision yesterday that generic drug manufacturer Roxane Laboratories' ANDA treatment violated several Vanda patents for its schizophrenia drug Fanapt.

Roxane was looking to obtain government approval to market its own version of the drug. The ruling concluded that Roxane's version infringed on three separate patents held by Vanda.

The court granted Vanda patent protection through 2027.

JMP also reiterated its...