Vera Therapeutics (NASDAQ:VERA) Shares Down 6.4% – What’s Next?
by Tristan Rich · The Markets DailyVera Therapeutics, Inc. (NASDAQ:VERA – Get Free Report)’s share price fell 6.4% during trading on Wednesday . The company traded as low as $31.96 and last traded at $31.5260. Approximately 1,337,920 shares changed hands during mid-day trading, a decline of 15% from the average daily volume of 1,568,487 shares. The stock had previously closed at $33.67.
Trending Headlines about Vera Therapeutics
Here are the key news stories impacting Vera Therapeutics this week:
- Positive Sentiment: Phase 3 success supports approval hopes: Vera said TRUTAKNA met all primary and secondary endpoints in the ORIGIN 3 trial. The results showed sustained kidney protection over two years and a reduction in the decline of kidney function, strengthening the case for full approval in IgAN. Vera Therapeutics says TRUTAKNA met all Phase III endpoints
- Positive Sentiment: Commercial opportunity is improving: The favorable ORIGIN 3 data could position TRUTAKNA for broader use in IgAN and intensify competition with other kidney-disease treatments, including products developed by Otsuka. Investors viewed the durable efficacy and kidney-function benefits as important differentiators. Vera’s strong Phase 3 IgAN data intensify kidney disease rivalry
- Neutral Sentiment: Investors remain focused on execution: Positive trial results have increased expectations for regulatory approval and eventual commercialization, but some commentary remains cautious about approval timing, launch execution and competition. Vera Therapeutics: Why I’m sticking with Hold despite positive TRUTAKNA data
- Negative Sentiment: CEO reduced his holdings: CEO Marshall Fordyce sold 18,500 shares for approximately $684,500, reducing his ownership by 7.29%. The transaction was conducted under a pre-arranged Rule 10b5-1 trading plan, which limits its usefulness as a signal about management’s current outlook, but insider selling may still weigh modestly on sentiment. Vera Therapeutics CEO Form 4 filing
Analyst Ratings Changes
A number of analysts have recently issued reports on the company. Guggenheim boosted their target price on Vera Therapeutics from $56.00 to $76.00 and gave the stock a “buy” rating in a report on Wednesday, July 8th. William Blair restated an “outperform” rating on shares of Vera Therapeutics in a report on Tuesday, June 2nd. Needham & Company LLC set a $125.00 price target on shares of Vera Therapeutics in a research report on Wednesday, July 8th. Jefferies Financial Group reissued a “buy” rating and issued a $60.00 price objective on shares of Vera Therapeutics in a research report on Tuesday, June 2nd. Finally, TD Cowen reissued a “buy” rating on shares of Vera Therapeutics in a research note on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Vera Therapeutics has a consensus rating of “Moderate Buy” and an average price target of $80.15.
View Our Latest Analysis on VERA
Vera Therapeutics Trading Up 7.9%
The company has a quick ratio of 10.92, a current ratio of 10.92 and a debt-to-equity ratio of 0.18. The firm has a market cap of $2.47 billion, a price-to-earnings ratio of -5.85 and a beta of 0.96. The business has a 50 day moving average price of $34.43 and a 200-day moving average price of $36.91.
Vera Therapeutics (NASDAQ:VERA – Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported ($1.52) EPS for the quarter, topping the consensus estimate of ($1.58) by $0.06. During the same period last year, the business earned ($1.20) EPS. As a group, research analysts expect that Vera Therapeutics, Inc. will post -6.44 EPS for the current fiscal year.
Insider Activity at Vera Therapeutics
In other news, CEO Marshall Fordyce sold 46,250 shares of the company’s stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $42.30, for a total value of $1,956,375.00. Following the completion of the transaction, the chief executive officer directly owned 151,994 shares in the company, valued at approximately $6,429,346.20. This represents a 23.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 101,750 shares of company stock worth $3,992,300 over the last 90 days. Insiders own 15.90% of the company’s stock.
Institutional Investors Weigh In On Vera Therapeutics
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Eversept Partners LP boosted its position in Vera Therapeutics by 9.4% in the 4th quarter. Eversept Partners LP now owns 3,072,304 shares of the company’s stock valued at $155,581,000 after buying an additional 264,468 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Vera Therapeutics by 9.3% during the fourth quarter. Geode Capital Management LLC now owns 1,444,925 shares of the company’s stock worth $73,185,000 after acquiring an additional 123,350 shares during the last quarter. Armistice Capital LLC increased its position in shares of Vera Therapeutics by 22.0% during the fourth quarter. Armistice Capital LLC now owns 653,796 shares of the company’s stock worth $33,108,000 after acquiring an additional 117,796 shares during the last quarter. First Turn Management LLC lifted its stake in shares of Vera Therapeutics by 69.7% in the fourth quarter. First Turn Management LLC now owns 601,774 shares of the company’s stock worth $30,474,000 after acquiring an additional 247,245 shares in the last quarter. Finally, Elmind Capital LP acquired a new position in shares of Vera Therapeutics in the fourth quarter worth about $24,434,000. Hedge funds and other institutional investors own 99.21% of the company’s stock.
About Vera Therapeutics
Vera Therapeutics, Inc is a clinical-stage biotechnology company focused on developing treatments for immune-mediated diseases. The company’s research is centered on therapies designed to address the underlying causes of autoimmune conditions rather than primarily managing their symptoms.
Vera’s leading product candidate is atacicept, an investigational biologic designed to inhibit two proteins involved in the survival and activity of antibody-producing immune cells, B-cell activating factor and a proliferation-inducing ligand.