Vitae Pharmaceuticals Inc. (NASDAQ:VTAE) shares dropped 13.5% on Thursday . The stock traded as low as $8.86 and last traded at $8.90, with a volume of 293,888 shares. The stock had previously closed at $10.29.

VTAE has been the topic of several research reports. Zacks Investment Research lowered Vitae Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, July 13th. BMO Capital Markets initiated coverage on Vitae Pharmaceuticals in a research report on Monday, April 11th. They issued an “outperform” rating and a $15.00 target price on the stock. Wedbush reaffirmed an “outperform” rating and issued a $23.00 target price on shares of Vitae Pharmaceuticals in a research report on Wednesday, May 25th. JMP Securities lowered Vitae Pharmaceuticals from an “outperform” rating to a “market perform” rating in a research report on Thursday. Finally, Wells Fargo & Co. reaffirmed a “buy” rating on shares of Vitae Pharmaceuticals in a research report on Friday, June 10th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $16.65.

The company’s 50-day moving average price is $10.54 and its 200 day moving average price is $8.73. The company’s market cap is $257.55 million.

Vitae Pharmaceuticals (NASDAQ:VTAE) last posted its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.41) by $0.05. During the same period in the prior year, the business earned ($0.45) earnings per share. The business’s revenue for the quarter was down 98.0% compared to the same quarter last year. On average, equities research analysts expect that Vitae Pharmaceuticals Inc. will post ($1.74) earnings per share for the current year.

An institutional investor recently bought a new position in Vitae Pharmaceuticals stock. Dimensional Fund Advisors LP bought a new stake in Vitae Pharmaceuticals Inc. (NASDAQ:VTAE) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 73,607 shares of the company’s stock, valued at approximately $1,332,000. Dimensional Fund Advisors LP owned about 0.34% of Vitae Pharmaceuticals at the end of the most recent quarter.

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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