VERA - Vera Therapeutics down 65% on mid-stage data for immunoglobulin A nephropathy candidate

• Vera Therapeutics ( NASDAQ: VERA ) is down 65% in after-hours trading Tuesday after releasing top-line data from a phase 2 trial of atacicept in patients with immunoglobulin A nephropathy (IgAN).
• Although the candidate met its primary endpoint, investors may have been looking for a greater reduction in proteinuria.
• In the 150 mg dose cohort -- the dosage Vera ( VERA ) is advancing into phase 3 -- the change in proteinuria as evaluated by urine protein creatinine ratio (UPCR) at week 24 was 33%.
• Vera ( VERA ) plans to advance atacicept into phase 3 in 1H 2023.
• In a late December note, Cowen's Ritu Baral noted that atacicept needed a 40%-45% reduction at the 150 mg dose to make waves , with a best case scenario being at least a 50% reduction.

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