HC Wainwright has initiated coverage on Vanda Pharmaceuticals (VNDA), a commercial-stage biopharmaceutical company, with a ‘Buy’ rating and a price target of $18. The firm believes Vanda is undervalued, citing its strong commercial portfolio, promising pipeline, and potential for significant clinical and regulatory milestones. Despite generic competition and a recent FDA setback, HC Wainwright sees upside potential driven by Vanda’s existing products and ongoing development efforts.