Here's the hot new trend in Wall Street research note titles: emoticons. 

From Piper Jaffray on Thursday:

And we're having some fun with the title, but it's actually really apt!

In results reported Wednesday after the close, Vanda's treatment for pruritis VLY-686 improved symptoms in some patients, but so did placebo. Oh well. 

Piper added that there still remains potential for VLY-686 to move forward with successful development. 

In morning trade on Thursday, Vanda shares were down about 3%. 

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