VANDA PHARMACEUTICALS INC

Ticker: VNDA CUSIP: 921659108 Class: Common Stock

SPHERA FUNDS MANAGEMENT LTD.'s Holding History (CIK: 0001496201)

Note: Option positions (PUT/CALL) are excluded.

Q1 2016

Shares 512,051 Value ($000) $4,281 Avg Close $8.21 Range $6.91 - $9.58

Q4 2015

Shares 462,051 Value ($000) $4,302 Avg Close $9.98 Range $8.00 - $12.28

Q3 2015

Shares 513,390 Value ($000) $5,791 Avg Close $12.23 Range $10.57 - $14.50

Q2 2015

Shares 513,390 Value ($000) $6,515 Avg Close $10.78 Range $8.92 - $13.92

Q1 2015

Shares 543,390 Value ($000) $5,054 Avg Close $11.30 Range $8.80 - $15.00

Q4 2014

Shares 368,390 Value ($000) $5,275 Avg Close $11.83 Range $8.34 - $15.51

Q3 2014

Shares 218,390 Value ($000) $2,267 Avg Close $13.11 Range $10.33 - $16.48

Q2 2014

Shares 140,000 Value ($000) $2,265 Avg Close $13.32 Range $9.27 - $17.69

Q1 2014

Shares 65,000 Value ($000) $1,056 Avg Close $14.22 Range $10.00 - $19.25

Q4 2013

Shares 95,000 Value ($000) $1,179 Avg Close $10.09 Range $5.70 - $15.65

Period	Shares	Value ($000)	Average Close	Price Range
Q1 2016	512,051	$4,281	$8.21	$6.91 - $9.58
Q4 2015	462,051	$4,302	$9.98	$8.00 - $12.28
Q3 2015	513,390	$5,791	$12.23	$10.57 - $14.50
Q2 2015	513,390	$6,515	$10.78	$8.92 - $13.92
Q1 2015	543,390	$5,054	$11.30	$8.80 - $15.00
Q4 2014	368,390	$5,275	$11.83	$8.34 - $15.51
Q3 2014	218,390	$2,267	$13.11	$10.33 - $16.48
Q2 2014	140,000	$2,265	$13.32	$9.27 - $17.69
Q1 2014	65,000	$1,056	$14.22	$10.00 - $19.25
Q4 2013	95,000	$1,179	$10.09	$5.70 - $15.65