Vera Therapeutics (NASDAQ:VERA) Shares Gap Up Following Insider Buying Activity

Vera Therapeutics, Inc. (NASDAQ:VERA - Get Free Report) gapped up before the market opened on Thursday following insider buying activity. The stock had previously closed at $23.31, but opened at $25.06. Vera Therapeutics shares last traded at $23.00, with a volume of 369,080 shares traded.

Specifically, Director Patrick G. Enright purchased 209,393 shares of the firm's stock in a transaction dated Monday, June 23rd. The shares were purchased at an average cost of $20.87 per share, with a total value of $4,370,031.91. Following the completion of the purchase, the director now owns 3,569,522 shares in the company, valued at approximately $74,495,924.14. This represents a 6.23% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Patrick G. Enright purchased 40,607 shares of the business's stock in a transaction that occurred on Tuesday, June 24th. The stock was bought at an average cost of $22.35 per share, with a total value of $907,566.45. Following the acquisition, the director now owns 3,596,593 shares of the company's stock, valued at approximately $80,383,853.55. The trade was a 1.14% increase in their position. The disclosure for this purchase can be found here.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. JPMorgan Chase & Co. cut their target price on Vera Therapeutics from $77.00 to $71.00 and set an "overweight" rating for the company in a research note on Tuesday, March 4th. Cantor Fitzgerald dropped their price objective on shares of Vera Therapeutics from $107.00 to $100.00 and set an "overweight" rating for the company in a report on Wednesday, May 7th. Wedbush reduced their target price 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. HC Wainwright reiterated a "buy" rating and issued a $85.00 target price (up from $75.00) on shares of Vera Therapeutics in a report on Monday, June 2nd. Finally, Guggenheim reissued a "buy" rating on shares of Vera Therapeutics in a research note on Tuesday, June 3rd. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $65.00.

Vera Therapeutics Price Performance

The company has a debt-to-equity ratio of 0.10, a quick ratio of 27.68 and a current ratio of 27.68. The stock's 50-day moving average is $22.55 and its two-hundred day moving average is $29.23. The stock has a market cap of $1.46 billion, a PE ratio of -7.70 and a beta of 1.13.

Vera Therapeutics (NASDAQ:VERA - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.81) EPS for the quarter, missing the consensus estimate of ($0.75) by ($0.06). During the same period last year, the firm posted ($0.56) earnings per share. On average, equities analysts predict that Vera Therapeutics, Inc. will post -2.89 earnings per share for the current year.

Institutional Investors Weigh In On Vera Therapeutics

A number of hedge funds have recently added to or reduced their stakes in the business. Huntington National Bank acquired a new position in Vera Therapeutics during the 4th quarter worth $26,000. AlphaQuest LLC purchased a new position in shares of Vera Therapeutics in the 4th quarter valued at about $34,000. GF Fund Management CO. LTD. acquired a new position in shares of Vera Therapeutics during the fourth quarter worth about $56,000. Quarry LP grew its position in shares of Vera Therapeutics by 25.0% during the first quarter. Quarry LP now owns 2,500 shares of the company's stock worth $60,000 after buying an additional 500 shares in the last quarter. Finally, Summit Investment Advisors Inc. raised its holdings in 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 currently owned by institutional investors and hedge funds.

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.

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