Vera hits nearly 4-month high as kidney disease drug succeeds in late-stage trial

Shares of drug developer Vera Therapeutics VERA.O rise as much as 60% to a near 4-month high of $32 in morning trade

Stock is set for its best day since its IPO in May 2021, if gains hold

Says its kidney disease drug, atacicept, met main goal in a late-stage study to treat IgA nephropathy

IgA nephropathy causes a protein called immunoglobulin A to build up in the kidney

Company says the drug reduced 46% protein in urine, stabilizing kidney function levels compared to placebo as measured on 24-hour kidney function test called urine protein creatinine ratio (UPCR)

At week 36, atacicept, achieved statistically significant and clinically meaningful 42% reduction in UPCR test - VERA

Company plans to submit a marketing application to the FDA in Q4 and expects potential launch in 2026

As of last close, VERA down 55.2% YTD