Latest Smart Money Moves Involve Wells Fargo & Co (WFC), Qlik Technologies Inc. (QLIK) & More

According to a newly-amended 13G filing, Adage Capital Management, founded by Phill Gross and Robert Atchinson, currently owns 3.40 million shares of Vitae Pharmaceuticals Inc. (NASDAQ:VTAE), which make up 12.18% of the company’s total number of outstanding shares. This represents an increase from the 2.15 million-share stake disclosed in the fund’s 13F filing for the October-to-December period. As revealed by several SEC filings, the clinical-stage biotechnology company plans to sell 5.83 million shares of common stock to the public through a secondary offering at a price of $6.00 per share. The company has also granted underwriters a 30-day option to purchase up to 875,000 shares. Vitae Pharmaceuticals Inc. (NASDAQ:VTAE) anticipates to generate gross proceeds of $35 million from the offering (excluding the option to purchase the aforementioned block of shares). The company plans to use up to $13.0 million to advance the clinical development of its RORgt program, which involves the completion of a Phase 2b clinical trial in psoriasis patients for VTP-43742. Up to $6.0 million are anticipated to be used to advance the clinical trial of the company’s LXRβ program, which includes the completion of the ongoing Phase 2a proof-of-concept clinical trial in atopic dermatitis patients for VTP-38543. To be more detailed on what these drug candidates represent, VTP-43742 is a first-in-class oral small molecule being designed for the treatment of psoriasis and other autoimmune disorders. Psoriasis is a skin condition that causes cells to build up on the surface of the skin. Meanwhile, VTP-38543 is a potential first-in-class topical LXRβ selective agonist that is being developed for atopic dermatitis, which is an inflammatory skin disease. A total of 18 funds tracked by Insider Monkey had long positions in the biotechnology company at the end of 2015, accumulating 37% of its outstanding shares. Israel Englander’s Millennium Management reported owning 873,436 shares of Vitae Pharmaceuticals Inc. (NASDAQ:VTAE) in its latest 13F filing.

Disclosure: None