In a report released today, Laura Chico from Wedbush reiterated a Hold rating on Vera Therapeutics (VERA – Research Report), with a price target of $16.00.
Laura Chico has given her Hold rating due to a combination of factors related to Vera Therapeutics. The company’s key atacicept pivotal data, known as ORIGIN 3, is on track for release in the first half of 2025. Even though the company’s shares have fallen by 37% since August, Chico notes that the risk/reward balance has not significantly changed. This is because there is limited downside protection, with cash per share around $4, and the Phase 3 data, which could influence stock momentum, is more than a year away.
Additionally, although recent Phase 3 IgAN data releases from peers have been limited, Chico expects Vera Therapeutics to provide a description of 9-month proteinuria changes. However, it is unclear if further information will be limited. Taking into account these factors, Chico has chosen to lower the projected R&D and SG&A expenses following the latest results. While acknowledging that the current price offers a more interesting entry point, Chico advises to hold the stock due to the uncertainties and the time it will take to fully understand atacicept differentiation/positioning.
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Vera Therapeutics (VERA) Company Description:
Vera Therapeutics Inc is a clinical stage biotechnology company. It is focused on developing and commercializing transformative treatments for patients with serious immunological diseases. The company’s lead product candidate is atacicept, a fusion protein self-administered as a subcutaneous injection once weekly that blocks both B lymphocyte stimulator and a proliferation-inducing ligand, which stimulate B cells and plasma cells to produce autoantibodies contributing to certain autoimmune diseases.
Read More on VERA:
- Vera Therapeutics reports Q3 EPS (45c), consensus (54c)
- Vera Therapeutics Provides Business Update and Reports Third Quarter Financial Results
- Vera Therapeutics presents data from Phase 2b ORIGIN study
- Vera Therapeutics presents ‘positive’ atacicept data from Phase 2b ORIGIN study
- Vera Therapeutics Presents Positive Data from Phase 2b ORIGIN Study Showing Resolution of Hematuria in Majority of Patients at the American Society of Nephrology Kidney Week 2023
