Emoticons are the hot new thing in Wall Street research

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

From Piper Jaffray on Thursday:

Piper Jaffray

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%.