Wedbush Downgrades Vitae Pharmaceuticals Inc. (VTAE) to Neutral
Wedbush downgraded shares of Vitae Pharmaceuticals Inc. (NASDAQ:VTAE) from an outperform rating to a neutral rating in a research report sent to investors on Wednesday morning. The firm currently has $23.00 target price on the stock, up from their previous target price of $21.00.
VTAE has been the subject of a number of other research reports. Wells Fargo & Co. reaffirmed a buy rating on shares of Vitae Pharmaceuticals in a research note on Friday, June 10th. Stifel Nicolaus lowered Vitae Pharmaceuticals from a buy rating to a hold rating and set a $21.00 price objective for the company. in a research report on Wednesday, September 14th. JMP Securities lowered Vitae Pharmaceuticals from an outperform rating to a market perform rating in a research report on Thursday, August 4th. Finally, Zacks Investment Research lowered Vitae Pharmaceuticals from a buy rating to a hold rating in a research report on Wednesday, July 13th. Six equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Vitae Pharmaceuticals presently has an average rating of Hold and a consensus target price of $19.05.
Shares of Vitae Pharmaceuticals (NASDAQ:VTAE) opened at 20.85 on Wednesday. The company’s market cap is $601.33 million. The stock has a 50 day moving average of $9.66 and a 200 day moving average of $8.73. Vitae Pharmaceuticals has a 1-year low of $4.08 and a 1-year high of $20.97.
Vitae Pharmaceuticals (NASDAQ:VTAE) last issued its earnings results on Wednesday, August 3rd. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.41) by $0.05. Vitae Pharmaceuticals had a negative net margin of 13,954.35% and a negative return on equity of 65.51%. During the same period in the previous year, the business earned ($0.45) EPS. Vitae Pharmaceuticals’s revenue for the quarter was down 98.0% compared to the same quarter last year. On average, equities analysts forecast that Vitae Pharmaceuticals will post ($1.64) EPS for the current year.
In related news, major shareholder Adage Capital Partners Gp, L.L sold 1,025,000 shares of Vitae Pharmaceuticals stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $20.85, for a total value of $21,371,250.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Jeffrey S. Hatfield sold 50,000 shares of Vitae Pharmaceuticals stock in a transaction dated Wednesday, September 14th. The stock was sold at an average price of $20.81, for a total value of $1,040,500.00. Following the completion of the sale, the chief executive officer now owns 244,996 shares of the company’s stock, valued at $5,098,366.76. The disclosure for this sale can be found here. 14.80% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. BlackRock Advisors LLC increased its stake in Vitae Pharmaceuticals by 73.8% in the second quarter. BlackRock Advisors LLC now owns 10,078 shares of the company’s stock worth $109,000 after buying an additional 4,280 shares in the last quarter. Trexquant Investment LP purchased a new stake in Vitae Pharmaceuticals during the second quarter worth about $119,000. Spark Investment Management LLC increased its stake in Vitae Pharmaceuticals by 10.8% in the first quarter. Spark Investment Management LLC now owns 18,400 shares of the company’s stock worth $121,000 after buying an additional 1,800 shares in the last quarter. TFS Capital LLC purchased a new stake in Vitae Pharmaceuticals during the second quarter worth about $126,000. Finally, Alliancebernstein L.P. purchased a new stake in Vitae Pharmaceuticals during the second quarter worth about $140,000. Institutional investors own 72.93% of the company’s stock.
About Vitae Pharmaceuticals
Vitae Pharmaceuticals, Inc is a biotechnology company. The Company is focused on discovering and developing small molecule drugs for diseases. It is engaged in developing a portfolio of product candidates through Contour, its structure-based drug discovery platform. The Company’s product candidates include VTP- 43742 for the treatment of psoriasis, as well as multiple other autoimmune disorders.
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