Vitae Pharmaceuticals Inc (NASDAQ:VTAE) shares jumped 94% in pre-market trading after the company announced positive top-line results from its experimental psoriasis drug VTP-43742. The results showed that 24% of the patients taking the 350 mg dose showed a decrease in the skin condition, while those taking the 700 mg dose showed a 30% reduction compared to the placebo. Following the results, the company plans to move the drug forward into a 16-week study. CEO Jeff Hatfield stated, “We believe these data validate RORγt as an exciting and novel therapeutic target for the treatment of psoriasis and other autoimmune disorders.”
Following this news, Stifel analyst Thomas Shrader weighed in on the stock, upgrading the company from Hold to Buy with a $15 price target. He states, “Vitae release its eagerly awaited topline data for VTP-43742 and the drug is clearly active. Statistically significant PASI reductions were seen in two dose groups (350 mg and 700 mg QD) after four weeks of dosing that were roughly in-line with PASI reductions after four weeks of treatment with Otezla. All in all, VTP-43742 looks like a more valuable asset after today’s data.”
According to TipRanks, all 3 analysts who have rated the company in the past 3 months gave a Buy rating. The average 12-month price target for the stock is $21.50, marking a 423% upside from where shares last closed.
Bio Blast Pharma Ltd (NASDAQ:ORPN) is down over 16% in pre-market trading after the company announced the pricing of a$6.7 million registered direct offering. The company will enter a definitive securities purchase agreement with 2 healthcare focused institutional investors, issuing around 2.16 million ordinary shares for $3.10 per share, warranting the purchase of up to 1.08 million shares with an exercise price of $4.50. The closing of the sale is expected around March 22.
According to TipRanks’ statistics, only 1 analyst rated the company in the last 3 months with a Buy rating and $25 price target, marking a 513% upside from where shares last closed.
Ctrip.com International, Ltd. (ADR) (NASDAQ:CTRP) shares are falling 7% in pre-market trading after the company released Q4:15 earnings marked by weak Q1 guidance. The Chinese travel agency posted revenues of 2.9 billion yuan, a 2% increase from consensus, and earnings of $0.11 per share, compared to consensus estimates of $0.04. Although the company predicts 75-80% y/y revenue growth for the next quarter, this number is not impressive as it includes acquired QUNR’s revenue, translating into only 29-34% y/y growth for CTRP and 32-37% growth for QUNR, compared to QUNR Q1 consensus of 103% y/y growth.
According to TipRanks’ statistics, all 6 analysts who have rated the stock in the past 3 months are bullish. The average 12-month price target for the stock is $55.50, marking a 30% upside from where shares last closed.