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

Vera Therapeutics, Inc. (NASDAQ:VERA) shares traded up 7.6% during trading on Thursday following a stronger than expected earnings report. The company traded as high as $30.11 and last traded at $29.88. 164,563 shares changed 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, beating analysts’ consensus estimates of ($0.83) by $0.11.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Wells Fargo & Company began coverage on shares of Vera Therapeutics in a research report on Thursday, November 21st. They issued an “overweight” rating and a $70.00 target price for the company. The Goldman Sachs Group assumed coverage on shares of Vera Therapeutics in a report on Tuesday, January 28th. They issued a “buy” rating and a $58.00 price objective for the company. JPMorgan Chase & Co. raised their target price on shares of Vera Therapeutics from $72.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Wedbush lifted their price target on shares of Vera Therapeutics from $30.00 to $38.00 and gave the company a “neutral” rating in a research report on Friday, November 8th. Finally, Wolfe Research initiated coverage on shares of Vera Therapeutics in a research report on Tuesday, February 4th. They issued an “outperform” rating and a $49.00 price target for the company. 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.com, the company has a consensus rating of “Buy” and a consensus target price of $65.11.

Insider Activity at Vera Therapeutics

In other Vera Therapeutics news, CEO Marshall Fordyce sold 17,500 shares of the business’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $43.07, for a total transaction of $753,725.00. Following the sale, the chief executive officer now owns 85,942 shares of the company’s stock, valued at approximately $3,701,521.94. The trade was a 16.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have sold 52,500 shares of company stock valued at $2,305,625 over the last three months. 21.70% of the stock is owned by insiders.

Institutional Trading of Vera Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Vera Therapeutics by 21.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,983 shares of the company’s stock worth $86,000 after purchasing an additional 350 shares during the period. China Universal Asset Management Co. Ltd. increased its position in shares of Vera Therapeutics by 64.1% during the third quarter. China Universal Asset Management Co. Ltd. now owns 10,545 shares of the company’s stock worth $466,000 after acquiring an additional 4,118 shares in the last quarter. AlphaCentric Advisors LLC bought a new stake in shares of Vera Therapeutics during the third quarter worth about $332,000. Chartwell Investment Partners LLC increased its position in shares of Vera Therapeutics by 63.5% during the third quarter. Chartwell Investment Partners LLC now owns 19,172 shares of the company’s stock worth $847,000 after acquiring an additional 7,447 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Vera Therapeutics by 13.5% in the 3rd quarter. Victory Capital Management Inc. now owns 38,253 shares of the company’s stock worth $1,691,000 after purchasing an additional 4,546 shares in the last quarter. Institutional investors own 99.21% of the company’s stock.

Vera Therapeutics Stock Up 7.7 %

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 stock’s 50-day simple moving average is $36.26 and its 200-day simple moving average is $40.43. The firm has a market capitalization of $1.89 billion, a P/E ratio of -11.48 and a beta of 1.11.

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.