Vera Therapeutics (VERA): Undervalued or Overvalued After Positive Phase 3 IgAN Data and Accelerated FDA Path?

Vera Therapeutics' (VERA) share price has risen 44% in a month and 70% in three months following positive Phase 3 IgA nephropathy data and an accelerated FDA review path. Analysts' price targets are above the current share price, but competition and execution risks are mounting. The company's price-to-book ratio is 6x, which is higher than peers and the wider US biotech sector.