Vera Therapeutics (NASDAQ:VERA) announced its quarterly earnings on October 8, 2023, reporting a loss of $1.26 earnings per share (EPS) for the quarter. This figure fell short of analysts’ expectations, which had predicted a loss of $1.20 per share. In the same quarter last year, the company reported a smaller loss of $0.85 per share.
Following the earnings announcement, shares of Vera Therapeutics experienced a decline of 4.3%, trading down $1.09 to close at $24.13. A total of 992,729 shares changed hands during the day, below the average volume of 1,376,337 shares. The company currently has a market capitalization of $1.54 billion and a price-to-earnings ratio of -6.04. Over the past year, the stock has fluctuated between a low of $18.53 and a high of $51.61.
Analyst Ratings and Market Reactions
Vera Therapeutics has received mixed reviews from analysts. Wolfe Research maintained a “peer perform” rating on the stock on August 4, while Weiss Ratings reiterated a “sell (d-)” rating on October 8. In a separate report, Cantor Fitzgerald reaffirmed an “overweight” rating on September 18, adjusting their target price from $53.00 to $52.00. Bank of America initiated coverage with a “buy” rating and a target price of $48.00 on October 16.
Currently, eight analysts have rated Vera Therapeutics with a “Buy” designation, while two have assigned a “Hold” rating and one has recommended a “Sell.” According to data from MarketBeat.com, the average rating for the company is classified as a “Moderate Buy,” with an average price target of $61.40.
Institutional Investments and Market Position
Institutional investors have shown significant interest in Vera Therapeutics recently. Quantbot Technologies LP acquired a new position in the second quarter valued at approximately $51,000. Tower Research Capital LLC increased its stake by 192.9%, now owning 4,186 shares worth $99,000. Other notable transactions include Massar Capital Management LP, which purchased shares valued at about $377,000, and Nebula Research & Development LLC, which acquired a position worth approximately $463,000.
Overall, institutional investors hold 99.21% of the stock, indicating strong support from large financial entities.
Vera Therapeutics is a clinical-stage biotechnology firm focused on developing treatments for serious immunological diseases. Its lead product candidate, atacicept, is currently in Phase III clinical trials for treating immunoglobulin A nephropathy and in Phase II trials for lupus nephritis. The company’s ongoing development efforts highlight its commitment to addressing significant health challenges in immunology.
