Vitae Pharmaceuticals Inc (NASDAQ:VTAE) shares were up 17.06% to $7.48 on Monday even after the company reported a loss for the first quarter of the year.
Vitae Pharmaceuticals Inc (NASDAQ:VTAE) is a biotechnology company focused on discovering and developing small molecule drugs for diseases. In particular, the company is engaged in developing a portfolio of product candidates through Contour, its structure-based drug discovery platform.
Based on its latest earnings report, the company suffered a $10 million loss for the first quarter of the year. On a per share basis, this translates to a loss of 44 cents. Even so, these figures were actually able to beat Wall Street expectations, as analysts set the bar pretty low for the company. In addition, Vitae Pharmaceuticals Inc (NASDAQ:VTAE) still managed to chalk up $51,000 in revenue for the first quarter.
Vitae Pharmaceuticals shares had been trading in a 52-week range of $4.08 to $18.71 so there’s enough upside if buyers continue to push prices higher. After all, the company’s net loss was mostly attributed to a one-off pickup in general and administrative expenses so analysts are expecting to see better numbers down the line.
Vitae Pharmaceuticals Inc (NASDAQ:VTAE) President and CEO Jeff Hatfield highlighted the progress that the company has made over the first three months of the year, calling it a transformational period for the firm’s growth and evolution. He noted the positive results from the Phase 2a psoriasis proof-of-concept trial with VTP-43742, validating ROR as a therapeutic target for psoriasis and signifying a potential paradigm-changing treatment option. Hatfield added that the company made advances in the first quarter with VTP-38543.
From a technical standpoint, VTAE shares have bounced off a key support region around $5.00 per share and might be on an upward trajectory to the next area of interest at $10. Shares seem poised to fill the downward gap following the latest earnings release.
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