Undervalued IgAN Opportunity: Buy Rating on VERA Driven by Atacicept’s Robust ORIGIN 3 Data and Long-Term Kidney Disease Upside

J.P. Morgan analyst Anupam Rama has maintained their bullish stance on VERA stock, giving a Buy rating yesterday.

Anupam Rama has given his Buy rating due to a combination of factors tied primarily to the outlook for atacicept in IgA nephropathy. He believes the upcoming PDUFA decision in July 2026 should progress smoothly, reflecting confidence in the robustness of the pivotal ORIGIN 3 data package and the overall clinical profile of the drug.

Rama also argues that the current share price does not fully capture atacicept’s commercial opportunity, as his base case assumes only a modest 10–20% market share in IgAN, a level he views as attainable or conservative. Additional upside stems from planned readouts, including two-year eGFR data from ORIGIN 3, monthly dosing data, and initial PIONEER basket trial results across broader kidney disease indications, all of which reinforce his positive long-term stance on VERA.

In another report released yesterday, LifeSci Capital also assigned a Buy rating to the stock with a $90.00 price target.

VERA’s price has also changed dramatically for the past six months – from $22.540 to $42.350, which is a 87.89% increase.