Vanda Pharmaceuticals hits 3-year high after FDA approves Nereus

Vanda Pharmaceuticals jumped over 18% after the FDA approved NEREUS (tradipitant), the first new motion-sickness drug in more than 40 years. Two Phase 3 trials showed it significantly reduced vomiting. Vanda plans a launch in the coming months, while Jefferies raised its price target to $7.50, calling Nereus a $100-$300 million opportunity.