Buy Rating on Vera: De-Risked Atacicept Approval Path and Large IgA Nephropathy Market Drive Compelling Upside into 2026 Catalysts

In a report released today, Rami Katkhuda from LifeSci Capital maintained a Buy rating on Vera Therapeutics, with a price target of $70.00.

Rami Katkhuda has given his Buy rating due to a combination of factors tied to both clinical momentum and market potential. He highlights that the FDA’s acceptance of atacicept’s BLA for accelerated approval in IgA nephropathy, under Priority Review and with a July 7, 2026 PDUFA date, materially de-risks the regulatory pathway and supports the prospect of a commercial launch in the second half of 2026. The robust interim Phase III ORIGIN 3 data, showing a substantial and statistically significant reduction in proteinuria with atacicept and consistent benefit across multiple patient subgroups, further underpin confidence in the drug’s efficacy profile. In addition, expectations that the eventual label will not impose a strict proteinuria threshold for treatment suggest a larger eligible patient base than prior accelerated approvals.

Katkhuda also emphasizes the attractiveness of the IgA nephropathy market itself, estimating it to exceed $10 billion, driven by the sizable proportion of patients who remain inadequately controlled on current standard-of-care regimens. He notes that IgAN typically affects relatively young adults and requires long-term therapy, which supports durable demand for effective new agents such as atacicept. Favorable pricing benchmarks set by recently approved competitors, along with specialist feedback indicating room for multiple winners in the BLyS/APRIL inhibitor class, further bolster the revenue potential for Vera. Finally, he views 2026 as a catalyst-rich period—between atacicept’s PDUFA decision and numerous class-wide readouts—which could both validate the mechanism and enhance investor interest, reinforcing his positive stance on the stock.