NEW YORK (TheStreet) -- Vanda Pharmaceuticals' (VNDA) stock price target was raised to $22 from $18 at JMP Securities on Friday.

The higher price target comes after a Delaware court's decision yesterday that generic drug manufacturer Roxane Laboratories' ANDA treatment violated several Vanda patents for its schizophrenia drug Fanapt. 

Roxane was looking to obtain government approval to market its own version of the drug. The ruling concluded that Roxane's version infringed on three separate patents held by Vanda.

The court granted Vanda patent protection through 2027.

JMP also reiterated its "market perform" rating and said the ruling could result in an increase in Vanda's sales growth. 

"We view this as a substantial victory for Vanda, providing an additional 11 years of market exclusivity," the firm said in an analyst note.

"Furthermore, we believe this ruling provides an opportunity for the company to plan and implement long-term investment in the marketing and commercialization of Fanapt, potentially driving a return to sales growth," JMP added.

Vanda is a Washington, D.C.-based biopharmaceutical company that focuses on the development and commercialization of drugs that treat central nervous system disorders. 

Shares of Vanda were jumping 7.69% to $15.26 on heavy trading volume late Friday afternoon.

About 1.66 million of the company's shares have changed hands so far today vs. its average volume of 653,177 shares per day.

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 has this to say about the recommendation:

TheStreet Ratings team rates Vanda Pharmaceuticals as a Sell with a ratings score of D. This is driven by several weaknesses, which the team believes should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks it covers. 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

VNDA Chart VNDA data by YCharts