Lord Abbett & CO. LLC Sells 1,005,140 Shares of Vera Therapeutics, Inc. $VERA

Key Points

• Lord Abbett & CO. LLC significantly reduced its stake in Vera Therapeutics by 87.1%, leaving it with 148,530 shares valued at approximately $3.57 million.
• Other institutional investors, such as Russell Investments Group Ltd., **increased their holdings** in Vera Therapeutics, with Russell boosting its position by over 505% in the first quarter.
• Vera Therapeutics’ stock saw a slight increase of **1.3%**, and the company reported a larger-than-expected earnings loss of ($1.20) per share in its latest quarterly results.

Lord Abbett & CO. LLC lowered its position in shares of Vera Therapeutics, Inc. (NASDAQ:VERA - Free Report) by 87.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 148,530 shares of the company's stock after selling 1,005,140 shares during the period. Lord Abbett & CO. LLC owned approximately 0.23% of Vera Therapeutics worth $3,568,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in VERA. Summit Investment Advisors Inc. increased its stake in Vera Therapeutics by 16.0% during the fourth quarter. Summit Investment Advisors Inc. now owns 4,639 shares of the company's stock valued at $196,000 after purchasing an additional 639 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in shares of Vera Therapeutics during the fourth quarter worth approximately $56,000. Invesco Ltd. increased its holdings in shares of Vera Therapeutics by 7.0% during the fourth quarter. Invesco Ltd. now owns 21,954 shares of the company's stock valued at $928,000 after purchasing an additional 1,444 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Vera Therapeutics by 19.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,533 shares of the company's stock worth $229,000 after buying an additional 1,572 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Vera Therapeutics by 1.2% during the first quarter. Bank of New York Mellon Corp now owns 143,665 shares of the company's stock worth $3,451,000 after purchasing an additional 1,717 shares in the last quarter. 99.21% of the stock is currently owned by hedge funds and other institutional investors.

Vera Therapeutics Stock Performance

VERA stock traded up $0.3980 during trading on Thursday, reaching $22.4980. 1,821,570 shares of the stock were exchanged, compared to its average volume of 1,317,430. The company has a market capitalization of $1.44 billion, a P/E ratio of -6.28 and a beta of 1.17. The company has a current ratio of 17.03, a quick ratio of 17.03 and a debt-to-equity ratio of 0.16. Vera Therapeutics, Inc. has a twelve month low of $18.53 and a twelve month high of $51.61. The stock has a 50 day simple moving average of $22.11 and a 200-day simple moving average of $24.36.

Vera Therapeutics (NASDAQ:VERA - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported ($1.20) EPS for the quarter, missing the consensus estimate of ($0.82) by ($0.38). During the same period in the previous year, the company earned ($0.62) earnings per share. As a group, sell-side analysts anticipate that Vera Therapeutics, Inc. will post -2.89 earnings per share for the current year.

Insider Buying and Selling at Vera Therapeutics

In other Vera Therapeutics news, Director Patrick G. Enright bought 40,607 shares of the stock in a transaction that occurred on Tuesday, June 24th. The shares were acquired at an average price of $22.35 per share, with a total value of $907,566.45. Following the completion of the purchase, the director directly owned 3,596,593 shares in the company, valued at $80,383,853.55. The trade was a 1.14% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. Company insiders own 16.30% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on VERA shares. Wedbush cut their price target on shares of Vera Therapeutics from $34.00 to $26.00 and set a "neutral" rating for the company in a report on Wednesday, May 7th. HC Wainwright restated a "buy" rating and set a $85.00 price objective (up from $75.00) on shares of Vera Therapeutics in a research report on Monday, June 2nd. Guggenheim reaffirmed a "buy" rating on shares of Vera Therapeutics in a research note on Tuesday, June 3rd. Wolfe Research reissued a "peer perform" rating on shares of Vera Therapeutics in a research report on Monday, August 4th. Finally, Cantor Fitzgerald lowered their target price on Vera Therapeutics from $107.00 to $100.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Vera Therapeutics presently has a consensus rating of "Moderate Buy" and an average target price of $63.00.

Vera Therapeutics Company 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.