Gene ther­a­py play­er turned kid­ney spe­cial­ist Ve­ra drops a dud in lead­up to Nas­daq, pric­ing well be­low range

Ve­ra Ther­a­peu­tics took a big risk at the start of the year, piv­ot­ing away from its gene edit­ing mis­sion state­ment to chase a lead kid­ney drug in­stead — and they dou­bled down with an IPO just months lat­er. But in­vestors don’t seem im­pressed with Ve­ra’s promise, and now the biotech is look­ing at a far more scaled-back of­fer­ing.

On Fri­day, Ve­ra priced its 4.35-mil­lion-share IPO at $11 per share, well be­low its tar­get­ed range of $14 to $16 and good for $47.58 mil­lion in pro­ceeds. The biotech will start trad­ing Mon­day un­der the tick­er $VE­RA.

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