Vera Therapeutics initiated with Buy, $27 target at Guggenheim

Guggenheim analyst Vamil Divan last night initiated coverage of Vera Therapeutics with a Buy rating and $27 price target. The analyst is bullish on the clinical, regulatory and commercial progress in the immunoglobulin A nephropathy market, and believes Vera’s atacicept is well positioned to be a leader in that space. The Vera story is now about successful execution of the Phase 3 ORIGIN trial, where the firm assigns a 75% probability of success, the analyst tells investors in a research note. Guggenheim says U.S. accelerated approval and launch is possible in 2026, with peak U.S. adjusted sales potential of $1.25B by 2038.