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.
Source Fool.com
