Piper Jaffray reiterated an Overweight rating on Vitae Pharmaceuticals (NASDAQ: VTAE), and raised the price target to $18.00 (from $16.00), following the company's 3Q earnings report. Vitae ended 3Q:15 with $69 million, sufficient to fund the company through 2016. Lead candidate VTP-43742, inhibiting the RORγt/IL-17 pathway, is currently in a multiple ascending dose trial in both healthy volunteers and moderate-to-severe psoriasis patients. Data from healthy subjects is still expected in 4Q:15.

Analyst Edward Tenthoff commented, "Vitae ended 3Q:15 with $69 million in cash, which we project will last through 2016. Lead candidate VTP-43742, inhibiting the RORγt/IL-17 pathway, is currently in a multiple ascending dose trial in both healthy volunteers and moderate-to-severe psoriasis patients. Data from healthy subjects is still expected in 4Q:15; however, proofof-concept (PoC) psoriasis data will slip into 1Q:16 due to slower enrollment. Due to the known activity of IL-17 inhibitors, psoriasis will be '742's lead indication, however Vitae is still committed to pursuing other autoimmune indications. Topical LXR-beta agonist VTP-38543 for atopic dermatitis will begin Phase I trials this year. Vitae expects to communicate next steps for its Phase I ready BACE program in 2016. We reiterate our Overweight rating and are increasing our price target to $18 form $16 by rolling forward our discount period to YE:16."

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Shares of Vitae Pharmaceuticals closed at $12.74 yesterday.