Vera Therapeutics (NASDAQ:VERA) Shares Gap Up on Insider Buying Activity

Vera Therapeutics, Inc. (NASDAQ:VERA) shares gapped up before the market opened on Thursday after an insider bought additional shares in the company. The stock had previously closed at $23.31, but opened at $25.06. Vera Therapeutics shares last traded at $23.00, with a volume of 369,080 shares trading hands.

Specifically, Director Patrick G. Enright acquired 209,393 shares of the company’s stock in a transaction that occurred on Monday, June 23rd. The shares were acquired at an average price of $20.87 per share, with a total value of $4,370,031.91. Following the acquisition, the director now directly owns 3,569,522 shares in the company, valued at approximately $74,495,924.14. The trade was a 6.23% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Patrick G. Enright bought 40,607 shares of the stock in a transaction on Tuesday, June 24th. The shares were bought at an average cost of $22.35 per share, for a total transaction of $907,566.45. Following the purchase, the director now owns 3,596,593 shares in the company, valued at $80,383,853.55. This trade represents a 1.14% increase in their position. The disclosure for this purchase can be found here.

Analysts Set New Price Targets

VERA has been the subject of several research analyst reports. HC Wainwright restated a “buy” rating and issued a $85.00 price target (up previously from $75.00) on shares of Vera Therapeutics in a research report on Monday, June 2nd. Guggenheim restated a “buy” rating on shares of Vera Therapeutics in a research report on Tuesday, June 3rd. Scotiabank reiterated an “outperform” rating on shares of Vera Therapeutics in a research report on Tuesday, June 3rd. Wedbush cut their price target on shares of Vera Therapeutics from $34.00 to $26.00 and set a “neutral” rating on the stock in a report on Wednesday, May 7th. Finally, JPMorgan Chase & Co. cut their price target on shares of Vera Therapeutics from $77.00 to $71.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $65.00.

Vera Therapeutics Stock Performance

The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of -7.55 and a beta of 1.13. The company has a debt-to-equity ratio of 0.10, a quick ratio of 27.68 and a current ratio of 27.68. The firm’s 50-day moving average price is $22.62 and its two-hundred day moving average price is $28.90.

Vera Therapeutics (NASDAQ:VERA) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.81) earnings per share for the quarter, missing the consensus estimate of ($0.75) by ($0.06). During the same quarter last year, the business posted ($0.56) EPS. Sell-side analysts predict that Vera Therapeutics, Inc. will post -2.89 earnings per share for the current year.

Institutional Investors Weigh In On Vera Therapeutics

Several hedge funds have recently bought and sold shares of the company. Rhumbline Advisers increased its position in shares of Vera Therapeutics by 7.9% during the first quarter. Rhumbline Advisers now owns 63,189 shares of the company’s stock worth $1,518,000 after acquiring an additional 4,600 shares in the last quarter. Jane Street Group LLC grew its position in Vera Therapeutics by 297.1% in the first quarter. Jane Street Group LLC now owns 41,578 shares of the company’s stock valued at $999,000 after purchasing an additional 62,678 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Vera Therapeutics by 22.4% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 98,013 shares of the company’s stock valued at $2,354,000 after purchasing an additional 17,907 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Vera Therapeutics in the first quarter valued at $326,000. Finally, Parkman Healthcare Partners LLC bought a new position in Vera Therapeutics in the first quarter valued at $1,829,000. 99.21% of the stock is currently owned by institutional investors and hedge funds.

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.