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%.