Vera Therapeutics, Inc. (NASDAQ: VERA) experienced a notable surge in its stock price ahead of trading on Monday following an upgrade from HC Wainwright. The investment firm raised its price target for the company from $85.00 to $90.00, leading the stock to open at $26.00, up from the previous close of $24.19. As of the latest trading session, Vera Therapeutics shares were priced at $27.75, with a trading volume of 558,182 shares.
Several financial institutions have recently weighed in on the stock’s performance. JPMorgan Chase & Co. adjusted its price target downward, reducing it from $53.00 to $52.00, while maintaining an “overweight” rating, according to a research note released on October 13, 2023. Meanwhile, Bank of America initiated coverage on the stock on October 16, 2023, providing a “buy” rating and a price target of $48.00.
Analyst ratings for Vera Therapeutics show a mix of sentiments. Cantor Fitzgerald reaffirmed an “overweight” rating, while Weiss Ratings issued a “sell (D-)” rating. Wolfe Research also reiterated a “peer perform” rating. Overall, eight analysts have given the stock a Buy rating, two have rated it as Hold, and one issued a Sell rating, contributing to a consensus rating of “Moderate Buy” with an average price target of $61.90, according to data from MarketBeat.
Institutional Interest and Holdings
Recent activity among institutional investors has also influenced Vera Therapeutics’ stock dynamics. Vestal Point Capital LP increased its stake in the company by 132.6% in the first quarter, now owning 2,500,000 shares valued at $60,050,000 after acquiring an additional 1,425,000 shares. Capricorn Fund Managers Ltd entered the market with a new stake valued at approximately $13,097,000 in the third quarter.
Price T Rowe Associates Inc. raised its holdings by 8.6% in the first quarter, bringing its total to 4,754,832 shares worth $114,212,000. American Century Companies Inc. also increased its position by 89.3% during the second quarter, now owning 714,428 shares valued at $16,832,000. Hudson Bay Capital Management LP added a new position worth around $7,044,000. Notably, institutional and hedge fund investors collectively own 99.21% of Vera Therapeutics’ stock.
Financial Performance and Future Outlook
Vera Therapeutics has reported significant financial metrics, indicating a quick ratio of 12.21, a current ratio of 12.21, and a debt-to-equity ratio of 0.19. The company’s fifty-day moving average stands at $27.46, while the 200-day moving average is at $24.18. As of now, the company has a market capitalization of approximately $1.77 billion and a negative P/E ratio of -6.95.
The company’s most recent quarterly earnings report, released on November 5, 2023, revealed an earnings per share (EPS) of ($1.26), which fell short of analysts’ expectations of ($1.20) by $0.06. In the same quarter a year prior, Vera Therapeutics reported an EPS of ($0.85). Forecasts suggest that analysts anticipate an EPS of ($2.89) for the current year.
Vera Therapeutics operates as a clinical-stage biotechnology firm dedicated to developing and commercializing treatments for serious immunological diseases. Its lead product candidate, atacicept, is currently undergoing Phase III clinical trials targeting immunoglobulin A nephropathy and Phase II trials for lupus nephritis, aiming to address significant unmet medical needs in these areas.
