JPMorgan Chase & Co. Lowers Vera Therapeutics (NASDAQ:VERA) Price Target to $53.00

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 price objective decreased by JPMorgan Chase & Co. from $56.00 to $53.00 in a report released on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other equities research analysts have also weighed in on the stock. Wolfe Research restated a "peer perform" rating on shares of Vera Therapeutics in a report on Monday, August 4th. Guggenheim reiterated a "buy" rating on shares of Vera Therapeutics in a research note on Tuesday, June 3rd. Cantor Fitzgerald cut their price target on shares of Vera Therapeutics from $107.00 to $100.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 7th. Wedbush cut their price target on shares of Vera Therapeutics from $34.00 to $26.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 7th. Finally, HC Wainwright reiterated a "buy" rating and set a $85.00 price target (up from $75.00) on shares of Vera Therapeutics in a research note on Monday, June 2nd. Two investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $63.00.

Vera Therapeutics Stock Up 0.4%

Shares of VERA traded up $0.07 during midday trading on Thursday, reaching $19.79. The stock had a trading volume of 1,047,828 shares, compared to its average volume of 1,078,886. Vera Therapeutics has a 1-year low of $18.53 and a 1-year high of $51.61. The company's fifty day simple moving average is $22.97 and its two-hundred day simple moving average is $25.08. The company has a market cap of $1.26 billion, a price-to-earnings ratio of -5.53 and a beta of 1.17. The company has a debt-to-equity ratio of 0.16, a current ratio of 17.03 and a quick ratio of 27.68.

Vera Therapeutics (NASDAQ:VERA - Get Free Report) last announced its quarterly earnings data 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 last year, the business posted ($0.62) EPS. Equities research analysts expect that Vera Therapeutics will post -2.89 earnings per share for the current year.

Insider Transactions at Vera Therapeutics

In other Vera Therapeutics news, Director Patrick G. Enright acquired 209,393 shares of the stock in a transaction on Monday, June 23rd. The shares were bought at an average cost of $20.87 per share, with a total value of $4,370,031.91. Following the transaction, the director owned 3,569,522 shares of the company's stock, valued at approximately $74,495,924.14. This trade represents a 6.23% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 16.30% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of VERA. GF Fund Management CO. LTD. purchased a new position in Vera Therapeutics during the 4th quarter worth $56,000. Quarry LP boosted its holdings in shares of Vera Therapeutics by 25.0% in the first quarter. Quarry LP now owns 2,500 shares of the company's stock valued at $60,000 after acquiring an additional 500 shares in the last quarter. AlphaQuest LLC boosted its holdings in shares of Vera Therapeutics by 404.7% in the first quarter. AlphaQuest LLC now owns 4,007 shares of the company's stock valued at $96,000 after acquiring an additional 3,213 shares in the last quarter. Fifth Third Bancorp purchased a new stake in shares of Vera Therapeutics in the second quarter valued at about $102,000. Finally, Summit Investment Advisors Inc. boosted its holdings in shares of Vera Therapeutics by 16.0% in the fourth quarter. Summit Investment Advisors Inc. now owns 4,639 shares of the company's stock valued at $196,000 after acquiring an additional 639 shares in the last quarter. 99.21% of the stock is owned by hedge funds and other institutional investors.

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.