The treatment is aimed to slow the progression of kidney disease
Vera Therapeutics (NASDAQ:VERA) stock is down 2% to trade at $33.34, reversing earlier gains after disclosing positive late-stage ORIGIN 3 trial results for the company's TRUTAKNA drug. A treatment aimed to slow the progression of kidney disease, the medication is the first and only Food and Drug Administration (FDA) approved BAFF and APRIL inhibitor on the market.
The equity has gained 48% over the past 12 months, with the 20-day moving average providing additional support. However, the 260-day moving average is just overhead, and VERA remains off 33% for 2026.
Short sellers are firmly in control. The 19.87 million shares sold short account for 28% of Vera's available float, which would take nearly 10 days for traders to cover, at the average pace of daily trading.
It's also worth noting that VERA sports a 10-day put/call volume ratio on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) that sits in the 86th percentile of its annual range. In other words, this indicates that there is a much healthier-than-usual appetite for bearish bets over bullish of late.