In a research note released Friday, Wedbush analyst Liana Moussatos reiterated an Outperform rating on shares of Vitae Pharmaceuticals Inc (NASDAQ:VTAE), while raising the price target to $23 (from $20), after the drug maker announced positive results from its psoriasis treatment.

Moussatos wrote, “We believe VTP-43742 results are competitive. We see favorable comparison from historical 4 week PASI reduction results versus Otezla and other oral agents.” Furthermore, “Management is completing data analyses and trial design prior to trial initiation. We anticipate data presentation at a conference and an update on trial design and initiation in mid:16.”

“We increased our VTP-43742 multiple to 4.5X but not 5X since we consider clinical proof-of-concept efficacy to be achieved, but a Phase 2 trial will be conducted before moving into Phase 3. Our 12-month PT uses a sum-of-parts with each part calculated using a 30% annual discount from peak sales of each drug/disease then applying a 1-10x multiple, depending on stage of development to reflect risk,” the analyst added.

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Liana Moussatos has a total average return of 2.3% and a 33.0% success rate. Moussatos has a -39% average return when recommending VTAE, and is ranked #966 out of 3745 analysts.

As of this writing, all the 3 analysts polled by TipRanks rate Vitae Pharmaceuticals stock a Buy. With a return potential of 199%, the stock’s consensus target price stands at $20.33.