Vera Therapeutics (NASDAQ:VERA) Trading Up 7.6% Following Strong Earnings

Vera Therapeutics, Inc. (NASDAQ:VERA)’s share price shot up 7.6% on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $30.11 and last traded at $29.88. 164,563 shares traded hands during trading, a decline of 82% from the average session volume of 896,284 shares. The stock had previously closed at $27.77.

The company reported ($0.72) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.83) by $0.11.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Wolfe Research assumed coverage on Vera Therapeutics in a report on Tuesday, February 4th. They issued an “outperform” rating and a $49.00 price target for the company. JPMorgan Chase & Co. lifted their price target on Vera Therapeutics from $72.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Wells Fargo & Company initiated coverage on Vera Therapeutics in a report on Thursday, November 21st. They set an “overweight” rating and a $70.00 price objective for the company. The Goldman Sachs Group initiated coverage on Vera Therapeutics in a report on Tuesday, January 28th. They set a “buy” rating and a $58.00 price objective for the company. Finally, Guggenheim boosted their price objective on Vera Therapeutics from $59.00 to $61.00 and gave the stock a “buy” rating in a report on Thursday. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $65.11.

Insider Transactions at Vera Therapeutics

In related news, CEO Marshall Fordyce sold 17,500 shares of the business’s stock in a transaction that occurred on Wednesday, December 11th. The stock was sold at an average price of $46.94, for a total value of $821,450.00. Following the completion of the transaction, the chief executive officer now directly owns 85,942 shares in the company, valued at approximately $4,034,117.48. The trade was a 16.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders sold 52,500 shares of company stock worth $2,305,625. 21.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Vera Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. boosted its position in Vera Therapeutics by 21.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,983 shares of the company’s stock worth $86,000 after acquiring an additional 350 shares during the last quarter. Huntington National Bank bought a new stake in shares of Vera Therapeutics during the 4th quarter worth approximately $26,000. Summit Investment Advisors Inc. raised its stake in shares of Vera Therapeutics by 16.0% during the 4th quarter. Summit Investment Advisors Inc. now owns 4,639 shares of the company’s stock worth $196,000 after purchasing an additional 639 shares in the last quarter. AlphaQuest LLC bought a new stake in shares of Vera Therapeutics during the 4th quarter worth approximately $34,000. Finally, Alliancebernstein L.P. raised its stake in shares of Vera Therapeutics by 2.0% during the 4th quarter. Alliancebernstein L.P. now owns 40,350 shares of the company’s stock worth $1,706,000 after purchasing an additional 800 shares in the last quarter. 99.21% of the stock is currently owned by institutional investors and hedge funds.

Vera Therapeutics Trading Up 7.7 %

The company has a market cap of $1.89 billion, a P/E ratio of -11.48 and a beta of 1.11. The company has a current ratio of 13.76, a quick ratio of 13.76 and a debt-to-equity ratio of 0.17. The business has a 50 day moving average price of $36.26 and a 200-day moving average price of $40.43.

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.