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Vanda Pharmaceuticals Inc. (VNDA) Stock: Deerfield Management Cashes In 2.56 Million Shares

According to a freshly-amended 13G filing with the Securities and Exchange Commission, James E. Flynn‘s Deerfield Management has sold around 2.56 million shares of Vanda Pharmaceuticals Inc. (NASDAQ:VNDA), lowering its stake in the company to 3.44 million shares which amass 7.94% of the company’s float. As per its 13F filing for the June 30 reporting period, Deerfield Management’s stake in Vanda Pharmaceuticals consisted of almost 6 million common shares.

Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) is, as the name suggests, a biopharmaceutical company, one which produces therapeutics for treating central nervous system disorders. The company’s stock has gained a robust 75.73% year-to-date, with most of those gains coming in the last five months. In its financial report for the second quarter of 2016, Vanda Pharmaceuticals disclosed a net loss per share of $0.01 and revenue of $36.03 million, compared to a net loss per share of $0.13 and revenue of $27.58 million for the same period a year earlier. Recently, Piper Jaffray set a price target of $19 on Vanda Pharmaceuticals’ stock, with a ‘Buy’ rating.

James Flynn Deerfield Management

The number of hedge funds in our database long Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) stood at 21 at the end of June, down by one from the end of the previous quarter. Some of the bullish investors encompassed Jim Simons’ Renaissance Technologies, which held a position valued at $1.7 million, Emmanuel Ferreira’s Convector Capital, with a position worth $783,000, Principal Global Investors’ Columbus Circle Investors, Jonathan Lourie and Stuart Fiertz’ Cheyne Capital, and Ken Griffin’s Citadel Investment Group.

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You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Deerfield Mgmt 0 3,435,576 0 3,435,576 3,435,576 7.94%
Deerfield Management Company 0 3,435,576 0 3,435,576 3,435,576 7.94%
Deerfield Partners 0 1,283,849 0 1,283,849 1,283,849 2.97%
Deerfield Special Situations Fund 0 517,737 0 517,737 517,737 1.20%
James E. Flynn
James E. Flynn
Deerfield Management

Page 1 of 6 – SEC Filing

(Rule 13d-102)
(Amendment No. 3) *
Vanda Pharmaceuticals Inc.

(Name of Issuer)
Common Stock

(Title of Class of Securities)

(CUSIP Number)
September 27, 2016

(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
          o Rule 13d-1(b)
          x Rule 13d-1(c)
          o Rule 13d-1(d)
(Page 1 of 12 Pages)
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
     The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).