Vera Therapeutics (NASDAQ:VERA) Stock Price Up 7.6% After Better-Than-Expected Earnings

Vera Therapeutics, Inc. (NASDAQ:VERA - Get Free Report) rose 7.6% during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $30.11 and last traded at $29.88. Approximately 164,563 shares were traded during trading, a decline of 82% from the average daily volume of 896,284 shares. The stock had previously closed at $27.77.

The company reported ($0.72) EPS for the quarter, beating analysts' consensus estimates of ($0.83) by $0.11.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on VERA shares. Wells Fargo & Company started coverage on shares of Vera Therapeutics in a report on Thursday, November 21st. They issued an "overweight" rating and a $70.00 target price for the company. JPMorgan Chase & Co. raised their price objective on Vera Therapeutics from $72.00 to $75.00 and gave the company an "overweight" rating in a research note on Tuesday, November 5th. The Goldman Sachs Group initiated coverage on Vera Therapeutics in a research report on Tuesday, January 28th. They set a "buy" rating and a $58.00 target price on the stock. Wedbush raised their price target on Vera Therapeutics from $30.00 to $38.00 and gave the company a "neutral" rating in a research report on Friday, November 8th. 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. One analyst has rated the stock with a hold rating, six have assigned 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 an average target price of $65.11.

Insiders Place Their Bets

In related news, CEO Marshall Fordyce sold 17,500 shares of the company's stock in a transaction that occurred 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 transaction, the chief executive officer now owns 85,942 shares of the company's stock, valued at approximately $3,701,521.94. This represents a 16.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold 52,500 shares of company stock valued at $2,305,625 in the last ninety days. Insiders own 21.70% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Avoro Capital Advisors LLC grew its position in shares of Vera Therapeutics by 30.2% in the fourth quarter. Avoro Capital Advisors LLC now owns 5,610,000 shares of the company's stock valued at $237,247,000 after purchasing an additional 1,300,410 shares during the period. Vestal Point Capital LP purchased a new stake in Vera Therapeutics in the 4th quarter valued at about $45,462,000. Lord Abbett & CO. LLC increased its stake in shares of Vera Therapeutics by 170.8% during the 4th quarter. Lord Abbett & CO. LLC now owns 1,153,670 shares of the company's stock valued at $48,788,000 after acquiring an additional 727,656 shares during the last quarter. Federated Hermes Inc. lifted its holdings in shares of Vera Therapeutics by 162.2% during the 4th quarter. Federated Hermes Inc. now owns 1,085,986 shares of the company's stock worth $45,926,000 after acquiring an additional 671,881 shares during the period. Finally, Integral Health Asset Management LLC boosted its position in shares of Vera Therapeutics by 130.0% in the fourth quarter. Integral Health Asset Management LLC now owns 1,150,000 shares of the company's stock worth $48,634,000 after acquiring an additional 650,000 shares during the last quarter. 99.21% of the stock is currently owned by institutional investors and hedge funds.

Vera Therapeutics Trading Down 5.1 %

The company has a quick ratio of 13.76, a current ratio of 13.76 and a debt-to-equity ratio of 0.17. The business's fifty day moving average is $35.75 and its 200-day moving average is $40.35. The stock has a market capitalization of $1.80 billion, a PE ratio of -10.89 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.