Thursday, Vera Therapeutics Inc VERA shares closed almost 50% higher at $25.31 after the company announced 72-week data from the open-label extension (OLE) period of its Phase 2b ORIGIN clinical trial of atacicept in participants with IgA nephropathy (IgAN).
Data from the OLE show the consistent and sustained reductions of serum galactose-deficient IgA1 (Gd-lgA1), hematuria, and urine protein to creatinine ratio (UPCR), as well as the stability of eGFR over 72 weeks in participants with IgAN.
Thursday, Oppenheimer initiated coverage on Vera Therapeutics stock with an Outperform rating and announced a price target of $26.
Friday, Raymond James analysts Ryan Deschner and Steven Seedhouse upgraded Vera Therapeutics from Outperform to Strong Buy and raised the price target from $29 to $37.
Wedbush analyst Laura Chico maintained Vera Therapeutics with a Neutral and raised the price target from $16 to $21.
The stock is trading higher on continued strength, with a session volume of 3.77 million compared to an average volume (100 day) of 759.796K, according to data from Biedex Markets Pro.
In December, the FDA approved Calliditas Therapeutics AB’s CALT Tarpeyo (budesonide) delayed-release capsules to reduce the loss of kidney function in adults with primary immunoglobulin A nephropathy (IgAN) at risk for disease progression.
Calliditas Therapeutics competes with Vera Therapeutics for developing IgAN treatment.
Price Action: VERA shares are up 23.11% at $31.16 on the last check Friday.