Vera Therapeutics (VERA) PT Raised to $76 at Guggenheim
Guggenheim analyst Vamil Divan raised the price target on Vera Therapeutics (NASDAQ: VERA) to $76.00 (from $56.00) while maintaining a Buy rating.
The analyst commented: "We are raising our Vera price target on the back of the company's transformative FDA approval of Trutakna (atacicept) Tuesday and our follow-up call with management last evening. We make a number of changes to our Vera company model and IgAN market model as a result, including increasing our probability of success to 100%, increasing our list price to the company's announced price of $425K/patient/year, and extending our base case assumption for Trutakna's US loss of exclusivity to Dec 2042 based on recent progress the company has made on the intellectual property front (let us know if you would like us to send you the granted method of use patent). We also adjust our assumptions for market share splits between Trutakna, Otsuka's (4578-JP) Voyxact and Vertex's (VRTX) povetacicept, with our FY 2026 Trutakna sales estimate now at ~ $29M (based on ~1,050 new patient start forms) and our FY 2040 US estimate now at ~$2.2Bn. We assume investors will want to see positive progress by Vera in executing on the Trutakna launch through the balance of this year and into next year before giving the company full credit, but we are increasingly optimistic on the company being able to deliver upside as they enter a large and growing IgAN market. Reiterate Buy rating and raising our PT to $76 from $56."