VERA - Why Vera Therapeutics Stock Bolted Higher This Week
Shares of the developmental-stage immunology company Vera Therapeutics (NASDAQ: VERA) gained a stately 49% this week, according to data provided by S&P Global Market Intelligence . Even so, the drugmaker's shares are down by a hefty 53% for the full month of January.
What sparked this abrupt run-up in Vera's shares? In brief, the market appears to be reassessing the company's value in the wake of its dramatic sell-off in early January.
Earlier this month, Vera's shares cratered following the top-line readout of its mid-stage immunoglobulin A nephropathy (aka Berger's disease) drug atacicept. While a pooled analysis of the drug's 75/150 mg doses yielded a statistically significant 31% mean reduction in protein in the urine (proteinuria) at week 24, Wall Street wasn't convinced this efficacy result would be competitive against other therapies in development for Berger's disease.
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Why Vera Therapeutics Stock Bolted Higher This Week