Vera Therapeutics: Reinforced Buy on Atacicept’s Leading IgAN Profile, Robust Cash Runway, and Expanded Peak Sales Potential

In a report released today, Dina Ramadane from Bank of America Securities reiterated a Buy rating on Vera Therapeutics, with a price target of $66.00.

Dina Ramadane has given his Buy rating due to a combination of factors tied to Vera Therapeutics’ lead asset, atacicept, and the company’s strengthened financial and commercial outlook. He raises the price objective to $66 per share, reflecting higher assumed pricing for atacicept and a resulting increase in projected peak IgA nephropathy (IgAN) sales to about $2.2 billion. He also factors in the recent equity financing that lifts Vera’s cash position to roughly $680 million, which he views as sufficient to support a robust commercial launch targeted for mid-2026. In his view, 2026 should be a value-creating year, with expectations for FDA approval in an $11 billion IgAN market, further clarity on potentially extended dosing regimens, and proof-of-concept data that may start to demonstrate broader “pipeline-in-a-product” potential for atacicept.
Dina Ramadane’s rating is based on his conviction that upcoming data from both Vera and competitors will largely validate, rather than undermine, atacicept’s competitive profile. He believes that while the stock may react to BAFF/APRIL competitor readouts, these programs are unlikely to meaningfully threaten atacicept, which he sees as having set a high bar on the balance of efficacy and safety—particularly on eGFR preservation and infection risk. His analysis and expert checks suggest that modest differences in proteinuria are less important than eGFR outcomes, where he sees little room for rivals to surpass atacicept’s two-year data. In addition, he notes that forthcoming Phase 2 Pioneer results for follow-on indications, along with any move toward more convenient monthly dosing, could further enhance the revenue opportunity—potentially adding around $1 billion of peak sales if dosing becomes more competitive—supporting his positive stance on the stock.

In another report released yesterday, Evercore ISI also maintained a Buy rating on the stock with a $95.00 price target.