24H｜Vanda Pharmaceuticals Jumps 20%; Sable Offshore Gains 5%; Nike up 2%

Vanda Pharmaceuticals stocks jumped 20% in overnight trading after the company said on Tuesday its drug for the prevention of motion-induced vomiting was approved by the U.S. health regulator, becoming the first treatment for the condition to receive the nod in more than 40 years.

The company expects to launch the drug, Nereus, in the coming months.

Sable Offshore Corp. stock rose 5% in overnight trading after Jefferies maintained its Buy rating and $19.00 price target on Sable Offshore stock following recent regulatory developments and legal challenges for the company’s pipeline project.

The Pipeline and Hazardous Materials Safety Administration (PHMSA) issued an Emergency Special Permit approving Sable’s pipeline on December 23, marking a significant regulatory milestone for the company.

This approval was quickly followed by a lawsuit filed by non-governmental organizations with the 9th Circuit Court of Appeals, creating new uncertainty for the project’s timeline and implementation.

Legal briefings related to the case are due December 30 and 31, with questions remaining about whether the court proceedings will result in an injunction that could further delay the pipeline.

Nike stock rose 2% in overnight trading.