The firm upgraded shares of the late-stage biotech to buy from hold, lifting its price target to $26 from $18. Shares of Vera Therapeutics have fallen 37.8% this year, but analyst Farzin Haque believes the stock's recent pullback now means an attractive entry point for investors. VERA YTD mountain VERA YTD chart "W/ shares down –30% (vs XBI –13%) since Sept 21 TVTX data release, we have become more optimistic about atacicept (dual BAFF/APRIL) clin profile," Haque wrote. Atacicept, which Vera took over from Merck, is a drug that treats certain autoimmune diseases. "W/ recent increasing focus on eGFR, VERA's OLE data from ph.II for longer-term eGFR data (expected 1Q24) has now become an important catalyst for the stock," Haque said.

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Persons: Vera, Jefferies, Vera Therapeutics, Farzin Haque, VERA YTD, VERA, Haque, Lupus nephritis, — CNBC's Michael Bloom Organizations: Vera, Merck Locations: ph.II