On Thursday, Wedbush maintained its Outperform rating on Vera Therapeutics (NASDAQ:VERA) and increased the shares price target to $34 from $21. The adjustment follows the company's fourth-quarter and full-year 2023 financial results, which were in line with expectations.
Management's confirmation of the ORIGIN 3 trial enrollment schedule for the second half of 2024 and the anticipated release of top-line data in the first half of 2025 was highlighted as a key takeaway from the report. This timeline aligns with the primary completion date listed on clinicaltrials.gov, set for May 2025.
The financial report indicates that Vera Therapeutics is entering a critical phase focused on execution throughout the year. The near-term also brings anticipation for updated RUBY-3 data from ALPN, which is scheduled to be presented at the upcoming WCN meeting. These developments have been factored into Wedbush's revised valuation model, especially after considering Vera's recent February offering and the expiration of a partial discounting period.
Despite the raised price target, the market valuation of Vera Therapeutics' shares, currently trading in the mid-$40s, has led Wedbush to maintain a Neutral stance. The firm suggests that with the ORIGIN 3 trial data still several quarters away, it is prudent to keep a watchful eye on the company's progress in the interim. The reiteration of the Outperform rating indicates confidence in Vera's potential, even as the market awaits further clinical results and milestones.
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