Boston, MA 06/12/2013 (wallstreetpr) – The shares of Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) had surged by 24.98 percent to close at $12.56 per share for the end of last trading session on Tuesday. The shares of the company had been trading in the range of $10.25 to $12.77 per share during the day, thereby hitting new peaks. The shares of Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) had thus adjusted its 52 week high price to the new level of $12.77 per share, while the 52 week low price level of the company is at $2.92 per share.
Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) is primarily engaged in the development and commercialization of treatment therapies and drugs for the diseases related to central nervous system disorders. The principal product candidate of the company is Tasimelteon, which is to be used for the treatment of sleep and mood disorders with specific focus on Circadian Rhythm Disorders.
The company had recently presented at the 27th Annual Meeting of Associated Sleep Societies held in Baltimore, SLEEP 2013, where Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) had reported the results of Phase III studies of its drug candidate, Tasimelteon. The results had been reported to be successful in treating the Circadian Rhythm Disorders in visually challenged patients who find it difficult to adjust their biological clock to the normal day and night schedules.
The success of the Phase III studies conducted by Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) was measured in terms of sleep duration, nap duration and timing of sleep of the patients and the results were observed to be highly significant. The presentation of such successful results at the conference had caused the shares of Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) to surge to new peaks at heavy trading volumes.
The company had witnessed the trade of 5.02 million shares on Tuesday, while the average trading volume of Vanda Pharmaceuticals Inc. (NASDAQ:VNDA) is at 939,042 shares per day.
