H.C. Wainwright ups Vera Therapeutics target on ‘home run’ data

H.C. Wainwright raised the firm’s price target on Vera Therapeutics (VERA) to $85 from $75 and keeps a Buy rating on the shares. The company reported “strong” topline data from the ongoing Phase 3 ORIGIN study evaluating atacicept for the treatment of immunoglobulin A nephropathy, the analyst tells investors in a research note. The firm says the drug demonstrated a 46% reduction from baseline in urine protein creatinine ratio, resulting in a statistically significant 42% reduction compared to placebo at week 36. The results not only confirm atacicept’s therapeutic potential for IgAN treatment but also provide convincing evidence to support its best-in-class potential, contends H.C. Wainwright. It views the data as a “home run.”