NEW YORK (TheStreet) -- Shares of Vanda Pharmaceuticals (VNDA) were jumping 17.53% to $13.81 on heavy trading volume mid-Thursday afternoon after a Delaware court ruled that generic drug maker Roxane Laboratories's ANDA drug violated several Vanda patents for its schizophrenia drug Fanapt, according to the Fly.
In March, Roxane filed a lawsuit challenging seven Vanda patents on the drug from 2014 and 2015.
Roxane was looking to gain government approval to market its own version, Reuters reported.
However, the ruling published today from a Delaware District Court revealed that Roxane's ANDA drug infringed on three separate patents held by Vanda.
Over 3.67 million shares of the Washington, DC-based specialty biopharmaceutical company have traded so far today vs. the 30-day daily average of roughly 476,000 shares.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "sell" with a ratings score of D.
The company's weaknesses can be seen in multiple areas, such as its disappointing return on equity and weak operating cash flow.
You can view the full analysis from the report here: VNDA