Shares of clinical-stage biotech company Vera Therapeutics (NASDAQ: VERA) were up more than 11% as of 3:30 p.m. on Tuesday, thanks mainly to an upgraded analyst position. The stock is still down more than 18% in 2023.

Vera is a healthcare company that focuses on treatments for serious immunological diseases. On Tuesday, analyst H.C. Wainwright upgraded its position on the stock from $10 to $25. Another reason for the surge may be that the stock reached its lowest point in three months on Monday, when it fell to $14.16 a share and investors looked to buy the stock on the dip.

Vera's lead product candidate is atacicept, a fusion protein. The drug can be self-administered as a weekly subcutaneous injection to block B lymphocyte stimulator (BLyS) and a proliferation-inducing ligand (APRIL), which can lead to an overstimulation of B cells and plasma cells connected with autoimmune disorders. The company is also developing MAU868, a monoclonal antibody designed to neutralize infection with BK virus (BKV), connected with organ transplants.

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Source Fool.com