Vitae Pharmaceuticals (VTAE) PT Raised to $23 at Wedbush

Wedbush analyst Liana Moussatos reiterated an Outperform rating and raised her price target on Vitae Pharmaceuticals (NASDAQ: VTAE) to $23.00 (from $20.00) after proof-of-concept for RAR-Related Orphan Receptor -t ( ROR t) inhibition was achieved, in their view.

Moussatos commented: "The randomized, double blind multiple ascending dose (MAD) Part II trial tested once-daily, orally-dosed selective ROR t reverse agonist VTP-43742 at 350 mg and 700 mg per day for 4 weeks compared to placebo in moderate-to-severe psoriasis patients. Both doses achieved a secondary efficacy endpoint of statistically significant (p=0.015, p=0.003, respectively) reduction in total Psoriasis Area Severity Index (PASI) score (-23%,-29%, respectively vs. +1% placebo) from baseline to 4 weeks (Figure 9). Although no statistics were provided, the placebo adjusted total PASI reductions appear to be meaningful for only 4 weeks' treatment (-24%, -30%, respectively). During weeks 3 and 4, PASI reduction accelerated (Figure 10), suggesting additional efficacy may be achieved with extended treatment, in our view. The primary endpoint was safety and `742 was well tolerated with no serious adverse events (SAEs) or drug-related ECG abnormalities; however, in 4 of 12 patients treated at 700 mg, sporadic reversible elevations in transaminases and GGT occurred above 3x the upper limit of normal (ULN) but not for bilirubin. None required treatment and there were no discontinuations due to these elevations."

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Shares of Vitae Pharmaceuticals closed at $6.79 yesterday.

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