Nov. 26 at 12:22 PM
Cantor reit'd
$VERA Overweight-
$100/said—We continue to view VERA shares as undervalued (
$1.8B mkt cap with
$497M cash as of Sep 30), given the competitive profile in lgAN, a multi-
$B market that can easily accommodate multiple disease-modifying B cell modulators.
$OTSKY $JBIO $ALNY $ABBV VRTX NVS IONS
Cantor additionally said:
This view is in line with that of multiple investors we spoke to at ASN who believe IgAN is a >
$10B market for B-cell modulators. Our math suggests IgAN patients with proteinuria ≥0.5 g/day (76% according to literature (here)) represent 85K-151K US patients. Assuming annualized Tarpeyo pricing (~
$180K), this subgroup alone could represent a market opportunity >
$15B.
