Leerink Partners Begins Coverage on Vera Therapeutics (NASDAQ:VERA)

Key Points

• Leerink Partners initiated coverage of Vera Therapeutics with a “market perform” rating and a $34 price target, implying 13.79% upside from the prior close.
• Analyst sentiment remains broadly positive, with MarketBeat reporting a consensus “Moderate Buy” rating and an average price target of $76.86, despite ratings ranging from Sell to Strong Buy.
• Vera reported quarterly EPS of -$1.52, beating estimates of -$1.58; its lead candidate, atacicept, is being developed for immune-mediated diseases including IgA nephropathy.

Leerink Partners began coverage on shares of Vera Therapeutics (NASDAQ:VERA - Get Free Report) in a research note issued to investors on Monday, Benzinga reports. The brokerage set a "market perform" rating and a $34.00 price target on the stock. Leerink Partners' target price indicates a potential upside of 13.79% from the company's previous close.

Other research analysts have also issued reports about the company. Bank of America raised their price objective on Vera Therapeutics from $65.00 to $70.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Wedbush reaffirmed a "neutral" rating and issued a $34.00 target price on shares of Vera Therapeutics in a research report on Monday, August 17th. Raymond James Financial reaffirmed a "strong-buy" rating on shares of Vera Therapeutics in a research report on Tuesday, September 15th. Needham & Company LLC set a $125.00 target price on Vera Therapeutics in a research note on Wednesday, July 8th. Finally, TD Cowen reiterated a "buy" rating on shares of Vera Therapeutics in a report on Tuesday, September 15th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Vera Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus price target of $76.86.

Vera Therapeutics Price Performance

Vera Therapeutics stock opened at $29.88 on Monday. The firm has a fifty day moving average of $32.75 and a 200-day moving average of $36.00. Vera Therapeutics has a 52-week low of $23.05 and a 52-week high of $56.05. 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 capitalization of $2.15 billion, a P/E ratio of -5.10 and a beta of 1.06.

Vera Therapeutics (NASDAQ:VERA - Get Free Report) last issued its earnings results on Monday, August 10th. The company reported ($1.52) EPS for the quarter, beating analysts' consensus estimates of ($1.58) by $0.06. During the same quarter in the previous year, the company posted ($1.20) earnings per share. As a group, analysts predict that Vera Therapeutics will post -6.44 EPS for the current year.

Insider Buying and Selling at Vera Therapeutics

In related news, CEO Marshall Fordyce sold 18,500 shares of the firm's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $37.00, for a total transaction of $684,500.00. Following the completion of the sale, the chief executive officer directly owned 235,244 shares of the company's stock, valued at approximately $8,704,028. This trade represents a 7.29% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 15.90% of the company's stock.

Hedge Funds Weigh In On Vera Therapeutics

A number of institutional investors have recently added to or reduced their stakes in the company. Elmind Capital LP acquired a new position in shares of Vera Therapeutics in the fourth quarter worth about $24,434,000. Readystate Asset Management LP acquired a new stake in Vera Therapeutics during the 2nd quarter valued at approximately $12,663,000. Eversept Partners LP grew its stake in Vera Therapeutics by 9.4% during the 4th quarter. Eversept Partners LP now owns 3,072,304 shares of the company's stock valued at $155,581,000 after purchasing an additional 264,468 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Vera Therapeutics by 136.5% during the 1st quarter. Renaissance Technologies LLC now owns 457,300 shares of the company's stock worth $18,397,000 after purchasing an additional 263,900 shares during the last quarter. Finally, Armistice Capital LLC increased its holdings in Vera Therapeutics by 22.0% during the 4th quarter. Armistice Capital LLC now owns 653,796 shares of the company's stock worth $33,108,000 after purchasing an additional 117,796 shares during the last quarter. Institutional investors and hedge funds own 99.21% of the company's stock.

Vera Therapeutics Company Profile

Vera Therapeutics, Inc is a clinical-stage biotechnology company focused on developing treatments for immune-mediated diseases. The company's lead product candidate is atacicept, an investigational fusion protein designed to inhibit two immune signaling molecules, B-cell activating factor (BAFF) and a proliferation-inducing ligand (APRIL), which contribute to the survival and activity of antibody-producing B cells.

Vera is primarily studying atacicept as a potential treatment for immunoglobulin A nephropathy (IgA nephropathy), a chronic kidney disorder caused by the buildup of IgA immune complexes.

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