Emoticons are the hot new thing in Wall Street research

Here’s the hot new trend in Wall Street research note titles: emoticons.

From Piper Jaffray on Thursday:

And we’re having some fun with the title, but it’s actually really apt!

In results reported Wednesday after the close, Vanda’s treatment for pruritis — VLY-686 — improved symptoms in some patients, but so did placebo. Oh well.

Piper added that there still remains potential for VLY-686 to move forward with successful development.

In morning trade on Thursday, Vanda shares were down about 3%.

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