Cinctive Capital Management LP Has $633,000 Stock Holdings in Vera Therapeutics, Inc. $VERA

Key Points

• Cinctive Capital Management LP has significantly reduced its stake in Vera Therapeutics, Inc. by 76.8% in the first quarter, now holding 26,364 shares worth approximately $633,000.
• Other institutional investors, including GF Fund Management and AlphaQuest LLC, have also adjusted their positions in Vera Therapeutics, with some increasing their holdings by over 400%.
• Despite a recent earnings miss, analysts maintain a overall positive outlook with a consensus rating of "Moderate Buy" and a target price of $63.00 for the stock.

Cinctive Capital Management LP trimmed its position in Vera Therapeutics, Inc. (NASDAQ:VERA - Free Report) by 76.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 26,364 shares of the company's stock after selling 87,182 shares during the quarter. Cinctive Capital Management LP's holdings in Vera Therapeutics were worth $633,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Vestal Point Capital LP lifted its stake in shares of Vera Therapeutics by 132.6% in the first quarter. Vestal Point Capital LP now owns 2,500,000 shares of the company's stock worth $60,050,000 after buying an additional 1,425,000 shares during the last quarter. MPM Bioimpact LLC grew its stake in shares of Vera Therapeutics by 61.3% in the first quarter. MPM Bioimpact LLC now owns 415,719 shares of the company's stock worth $9,986,000 after acquiring an additional 157,931 shares during the last quarter. Armistice Capital LLC grew its stake in shares of Vera Therapeutics by 68.3% in the first quarter. Armistice Capital LLC now owns 300,000 shares of the company's stock worth $7,206,000 after acquiring an additional 121,717 shares during the last quarter. Quarry LP grew its stake in shares of Vera Therapeutics by 25.0% in the first quarter. Quarry LP now owns 2,500 shares of the company's stock worth $60,000 after acquiring an additional 500 shares during the last quarter. Finally, Magnetar Financial LLC acquired a new stake in shares of Vera Therapeutics in the first quarter worth $408,000. 99.21% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Vera Therapeutics news, Director Patrick G. Enright purchased 40,607 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was purchased at an average cost of $22.35 per share, with a total value of $907,566.45. Following the acquisition, the director directly owned 3,596,593 shares of the company's stock, valued at approximately $80,383,853.55. This trade represents a 1.14% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 16.30% of the stock is owned by corporate insiders.

Vera Therapeutics Price Performance

VERA stock traded down $0.72 during midday trading on Wednesday, reaching $24.36. 1,656,385 shares of the company's stock traded hands, compared to its average volume of 1,372,620. The company has a 50-day simple moving average of $22.25 and a two-hundred day simple moving average of $23.29. Vera Therapeutics, Inc. has a 1-year low of $18.53 and a 1-year high of $51.61. The company has a market cap of $1.56 billion, a price-to-earnings ratio of -6.81 and a beta of 1.17. The company has a quick ratio of 17.03, a current ratio of 17.03 and a debt-to-equity ratio of 0.16.

Vera Therapeutics (NASDAQ:VERA - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($1.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.82) by ($0.38). During the same quarter in the previous year, the business earned ($0.62) earnings per share. On average, analysts anticipate that Vera Therapeutics, Inc. will post -2.89 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on VERA. JPMorgan Chase & Co. lowered their price objective on shares of Vera Therapeutics from $56.00 to $53.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Wolfe Research restated a "peer perform" rating on shares of Vera Therapeutics in a research note on Monday, August 4th. Guggenheim restated a "buy" rating on shares of Vera Therapeutics in a research note on Tuesday, June 3rd. HC Wainwright restated a "buy" rating and issued a $85.00 target price (up from $75.00) on shares of Vera Therapeutics in a research note on Monday, June 2nd. Finally, Scotiabank restated an "outperform" rating on shares of Vera Therapeutics in a research note on Tuesday, June 3rd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $63.00.

Vera Therapeutics Profile

Vera Therapeutics, Inc, a clinical stage biotechnology company, focuses on developing and commercializing treatments for patients with serious immunological diseases. Its lead product candidate is atacicept, a fusion protein self-administered as a subcutaneous injection that is in Phase III clinical trial for patients with immunoglobulin A nephropathy; and for treatment of lupus nephritis that is in Phase II clinical trial.