What happened
Shares of Vera Therapeutics (VERA 3.40%) were up more than 18.8% Monday morning, after climbing as high as 25% shortly after the market opened. The healthcare stock's move was likely triggered after one competitor with a similar lead therapy saw positive signs in a phase 1 trial, and another competitor agreed to a buyout offer from a larger pharmaceutical company.
Vera is presenting this week at the 44th Annual Goldman Sachs Global Healthcare Conference in Dana Point, California.
So what
Vera Therapeutics is a clinical-stage biotech company that specializes in treating immunological diseases, particularly those involving the kidney. The company's lead therapy is atacicept, a fusion protein delivered by a weekly subcutaneous injection that helps block the production of autoantibodies that lead to autoimmune diseases. One of those diseases, BK virus, is often prevalent in kidney transplant patients.
The company's shares may have gotten a sympathetic push when competitor AlloVir announced last week that its therapy, posoleucel, was useful in treating adult kidney patients who were infected with the BK virus. On top of that, Chinook Therapeutics, which focuses on treating kidney diseases, said on Monday that it had agreed to a $3.2 billion buyout from Novartis.
Now what
Vera announced last week that it had begun a phase 3 trial for atacicept to treat IgA nephropathy, also known as Berger's disease, an autoimmune disease affecting kidney function. The sudden interest in kidney therapies is turning investors toward the company.
A few things to consider, though: In the last quarter, the company had a loss of $30.1 million and only $197.2 million in cash. It also has only one other therapy besides atacicept, MAU868, which the company is testing against BK virus.
