Vera Therapeutics upgraded to Outperform from Peer Perform at Wolfe Research

Wolfe Research analyst Andy Chen upgraded Vera Therapeutics (VERA) to Outperform from Peer Perform with an $88 price target. Vertex’s (VRTX) reported interim data from its Phase 3 trial of povetacicept in IgA nephropathy patients, and the disclosure takes the gating negative catalyst out of the way for the company, the analyst tells investors in a research note. Valuation arguments for Vera Therapeutics should become more compelling, and while Vertex should take more market share, Wolfe believes investors would soon be convinced that the market is large enough to support multiple players, the firm adds.