Vera Therapeutics (NASDAQ:VERA) Shares Down 8.3% - Here's What Happened

Key Points

• Vera Therapeutics shares fell 8.3% to about $33.24, with trading volume 69% below its average. The stock is down from its 50-day and 200-day moving averages.
• Despite the decline, analysts remain broadly optimistic: Vera has a consensus rating of “Moderate Buy” and an average price target of $80.15, with several firms recently raising their targets.
• The company reported quarterly EPS of -$1.52, beating expectations of -$1.58. CEO Marshall Fordyce sold 46,250 shares under a pre-arranged trading plan, while institutional investors collectively own 99.21% of the stock.

Vera Therapeutics, Inc. (NASDAQ:VERA - Get Free Report)'s stock price dropped 8.3% during trading on Wednesday . The stock traded as low as $33.21 and last traded at $33.2410. 496,708 shares traded hands during trading, a decline of 69% from the average session volume of 1,604,614 shares. The stock had previously closed at $36.26.

Analyst Ratings Changes

VERA has been the topic of several analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Vera Therapeutics from $76.00 to $83.00 and gave the company an "overweight" rating in a report on Tuesday, September 8th. Raymond James Financial reiterated a "strong-buy" rating on shares of Vera Therapeutics in a research report on Tuesday, September 15th. Bank of America increased their price target on Vera Therapeutics from $65.00 to $70.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. The Goldman Sachs Group restated a "buy" rating and issued a $90.00 price target on shares of Vera Therapeutics in a research report on Tuesday, June 2nd. Finally, Guggenheim lifted their price objective on Vera Therapeutics from $56.00 to $76.00 and gave the stock a "buy" rating in a research note on Wednesday, July 8th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $80.15.

Vera Therapeutics Stock Down 9.2%

The company has a market capitalization of $2.37 billion, a P/E ratio of -5.60 and a beta of 0.96. 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 fifty day simple moving average of $33.98 and a 200-day simple moving average of $36.81.

Vera Therapeutics (NASDAQ:VERA - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported ($1.52) earnings per share (EPS) for the quarter, beating the consensus estimate of ($1.58) by $0.06. During the same period last year, the business earned ($1.20) earnings per share. On average, equities research analysts expect that Vera Therapeutics, Inc. will post -6.44 EPS for the current fiscal year.

Insider Buying and Selling at Vera Therapeutics

In other news, CEO Marshall Fordyce sold 46,250 shares of the stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $42.30, for a total transaction of $1,956,375.00. Following the completion of the sale, the chief executive officer owned 151,994 shares of the company's stock, valued at $6,429,346.20. This represents a 23.33% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 83,250 shares of company stock valued at $3,290,595 in the last ninety days. 15.90% of the stock is owned by corporate insiders.

Institutional Trading of Vera Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of the company. Eversept Partners LP raised its position in Vera Therapeutics by 9.4% in the 4th quarter. Eversept Partners LP now owns 3,072,304 shares of the company's stock valued at $155,581,000 after buying an additional 264,468 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Vera Therapeutics by 9.3% in the fourth quarter. Geode Capital Management LLC now owns 1,444,925 shares of the company's stock valued at $73,185,000 after purchasing an additional 123,350 shares during the last quarter. Armistice Capital LLC lifted its position in shares of Vera Therapeutics by 22.0% in the fourth 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 in the last quarter. First Turn Management LLC lifted its position in shares of Vera Therapeutics by 69.7% in the fourth quarter. First Turn Management LLC now owns 601,774 shares of the company's stock worth $30,474,000 after purchasing an additional 247,245 shares in the last quarter. Finally, Elmind Capital LP acquired a new position in Vera Therapeutics during the fourth quarter worth $24,434,000. 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 research is centered on therapies designed to address the underlying causes of autoimmune conditions rather than primarily managing their symptoms.

Vera's leading product candidate is atacicept, an investigational biologic designed to inhibit two proteins involved in the survival and activity of antibody-producing immune cells, B-cell activating factor and a proliferation-inducing ligand.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.