Vera Therapeutics weakness on Otsuka plans ‘makes no sense,’ says Wells Fargo

Wells Fargo notes that Vera Therapeutics (VERA) shares are down about 20% today, which the firm attributes to competitor Otsuka saying they will make a prefilled syringe version of the company’s IgAN drug, Sibeprenlimab, available for commercial launch. However, the firm does not see this as a “big threat,” arguing that the pullback in Vera “makes no sense” and should be used as a buying opportunity. Wells maintains an Overweight rating and $70 price target on Vera shares.