VERA - Vera Therapeutics downgraded to neutral at Wedbush following atacicept data setback

• Wedbush downgraded Vera Therapeutics to neutral from outperform following the release of mid-term data for immunoglobulin A nephropathy (IgAN) candidate atacicept.
• The firm also cut its target price to $8 from $33 (~24% upside based on Wednesday's close).
• Vera ( NASDAQ: VERA ) closed Wednesday down ~65% .
• After Tuesday's closing bell, the company released phase 2 data on atacicept. Although the candidate met its primary endpoint, investors were looking for stronger results .
• Analyst Laura Chico said the phase 2 data would need to be replicated in a pivotal trial in order to win approval. However, she added that significant proteinuria lowering would be key to prescribing the drug if approved.
• Chico noted that although phase 2 results indicate atacicept's proteinuria reduction is on par with Calliditas Therapeutic's ( CALT ) Tarpeyo (budesonide), there are other drugs in development that could have even better reduction: Otsuka's ( OTCPK:OTSKF )( OTCPK:OTSKY ) sibeprenlimab and Chinook' Therapeutics ( KDNY ) BION-1301.

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