Clinical-stage biotech Vera Therapeutics(NASDAQ: VERA) had a week to remember on the stock market. Over the past five trading days, according to data compiled by S&P Global Market Intelligence, the company's share price rose by 22%. The appointment of a pair of new executives was encouraging for investors, as was a researcher's new and bullish take on the stock.
2 new executives were appointed
On Monday, Vera announced that it has appointed a new chief medical officer and chief development officer. Both appointments were effective immediately.
The incoming chief medical officer is Robert Brenner, who replaces the departing Celia Lin in the position. A nephrologist, Brenner previously served in the same job at several biotechs, including Orionis Biosciences, and was the senior vice president of medical affairs at AMAG Pharmaceuticals. He also served a nearly nine-year stretch as an executive director at big healthcare company Amgen.
The new chief development officer is another veteran industry executive, William Turner. Among numerous other companies and positions, Turner served as vice president of regulatory affairs and corporate quality systems at Dynavax Technologies.
An analyst launched coverage of the stock with a buy recommendation
Also on that eventful Monday for Vera Therapeutics, Cantor Fitzgerald analyst Pete Stavropoulos initiated coverage of the company's stock with an unhesitating overweight (buy, in other words) recommendation, although no price target was provided. Stavropoulos is particularly bullish on the biotech's chances of approval for its investigational treatment Atacicept, a recombinant fusion protein designed to treat autoimmune disorders.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool recommends Amgen. The Motley Fool has a disclosure policy.
