Vera Therapeutics (NASDAQ:VERA) Trading Up 5.3% – Here’s Why

Vera Therapeutics, Inc. (NASDAQ:VERA)’s stock price shot up 5.3% on Wednesday . The company traded as high as $19.65 and last traded at $19.86. 193,424 shares traded hands during trading, a decline of 75% from the average session volume of 774,343 shares. The stock had previously closed at $18.86.

Analyst Ratings Changes

Several research analysts have issued reports on VERA shares. JPMorgan Chase & Co. dropped their price target on Vera Therapeutics from $77.00 to $71.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. The Goldman Sachs Group initiated coverage on Vera Therapeutics in a report on Tuesday, January 28th. They issued a “buy” rating and a $58.00 target price on the stock. Wolfe Research began coverage on Vera Therapeutics in a report on Tuesday, February 4th. They set an “outperform” rating and a $49.00 target price for the company. Finally, Guggenheim lifted their price target on Vera Therapeutics from $59.00 to $61.00 and gave the stock a “buy” rating in a research note on Thursday, February 27th. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and three have given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $64.67.

Vera Therapeutics Stock Up 2.8 %

The firm has a 50-day moving average of $27.89 and a two-hundred day moving average of $37.42. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of -8.59 and a beta of 1.28. The company has a quick ratio of 13.76, a current ratio of 13.76 and a debt-to-equity ratio of 0.17.

Vera Therapeutics (NASDAQ:VERA) last released its earnings results on Wednesday, February 26th. The company reported ($0.72) earnings per share for the quarter, beating the consensus estimate of ($0.83) by $0.11. As a group, sell-side analysts anticipate 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 and other institutional investors have recently added to or reduced their stakes in VERA. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Vera Therapeutics by 11.8% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 61,574 shares of the company’s stock valued at $2,722,000 after buying an additional 6,494 shares during the period. Y Intercept Hong Kong Ltd raised its holdings in shares of Vera Therapeutics by 283.1% during the third quarter. Y Intercept Hong Kong Ltd now owns 30,911 shares of the company’s stock worth $1,366,000 after acquiring an additional 22,843 shares in the last quarter. Barclays PLC boosted its position in Vera Therapeutics by 94.1% during the third quarter. Barclays PLC now owns 85,395 shares of the company’s stock valued at $3,774,000 after purchasing an additional 41,394 shares during the last quarter. Geode Capital Management LLC grew its stake in Vera Therapeutics by 2.1% in the third quarter. Geode Capital Management LLC now owns 1,004,665 shares of the company’s stock valued at $44,415,000 after purchasing an additional 20,223 shares in the last quarter. Finally, Lord Abbett & CO. LLC increased its position in Vera Therapeutics by 41.1% in the 3rd quarter. Lord Abbett & CO. LLC now owns 426,014 shares of the company’s stock worth $18,830,000 after purchasing an additional 124,197 shares during the last quarter. Hedge funds and other institutional investors own 99.21% of the company’s stock.

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.