Vera Therapeutics (NASDAQ:VERA) Price Target Cut to $53.00 by Analysts at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has lowered its price target for Vera Therapeutics from $56.00 to $53.00, while maintaining an "overweight" rating, indicating a potential upside of 168.76% from the stock's previous close.
• Despite the downgrade, Vera Therapeutics has received multiple buy ratings from other analysts, with price targets ranging from $26.00 to $85.00.
• The company reported earnings of ($1.20) per share for the last quarter, missing analyst expectations of ($0.82) per share.

Vera Therapeutics (NASDAQ:VERA - Free Report) had its target price lowered by JPMorgan Chase & Co. from $56.00 to $53.00 in a research report report published on Thursday,Benzinga reports. The firm currently has an overweight rating on the stock.

Several other research firms have also weighed in on VERA. Cantor Fitzgerald lowered their target price on shares of Vera Therapeutics from $107.00 to $100.00 and set an "overweight" rating on the stock in a report on Wednesday, May 7th. Guggenheim reaffirmed 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 price target (up previously from $75.00) on shares of Vera Therapeutics in a research report on Monday, June 2nd. Scotiabank reaffirmed an "outperform" rating on shares of Vera Therapeutics in a research report on Tuesday, June 3rd. Finally, Wedbush dropped their target price on Vera Therapeutics from $34.00 to $26.00 and set a "neutral" rating for the company in a research report on Wednesday, May 7th. Two investment analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $63.00.

Vera Therapeutics Stock Down 0.6%

NASDAQ VERA traded down $0.11 during trading on Thursday, hitting $19.68. The stock had a trading volume of 132,590 shares, compared to its average volume of 1,281,550. The company's 50-day moving average price is $22.97 and its two-hundred day moving average price is $25.02. The company has a market capitalization of $1.26 billion, a PE ratio of -5.52 and a beta of 1.17. The company has a debt-to-equity ratio of 0.16, a quick ratio of 17.03 and a current ratio of 17.03. Vera Therapeutics has a 12 month low of $18.53 and a 12 month high of $51.61.

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

Insider Activity

In related news, Director Patrick G. Enright bought 40,607 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was purchased at an average price of $22.35 per share, for a total transaction of $907,566.45. Following the completion of the transaction, the director owned 3,596,593 shares in the company, valued at $80,383,853.55. The trade was a 1.14% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 16.30% of the company's stock.

Hedge Funds Weigh In On Vera Therapeutics

A number of large investors have recently bought and sold shares of the stock. GF Fund Management CO. LTD. bought a new stake in Vera Therapeutics in the 4th quarter valued at $56,000. Quarry LP lifted its position in Vera Therapeutics by 25.0% during the first quarter. Quarry LP now owns 2,500 shares of the company's stock valued at $60,000 after purchasing an additional 500 shares during the last quarter. AlphaQuest LLC boosted its stake in shares of Vera Therapeutics by 404.7% during the 1st quarter. AlphaQuest LLC now owns 4,007 shares of the company's stock valued at $96,000 after purchasing an additional 3,213 shares in the last quarter. Fifth Third Bancorp purchased a new stake in Vera Therapeutics during the 2nd quarter valued at $102,000. Finally, Summit Investment Advisors Inc. boosted its holdings in shares of Vera Therapeutics by 16.0% during the 4th 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. Hedge funds and other institutional investors own 99.21% of the company's stock.

About Vera Therapeutics

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.