Raymond James survey shows Trutakna matching Voyxact launch pace

Raymond James maintained its Strong Buy rating on Vera Therapeutics and Market Perform rating on Vertex Pharmaceuticals following new survey data from IgAN-treating nephrologists. The survey was conducted by Spherix Global Insights in October with 75 participants.

The data shows Trutakna performing similarly to Voyxact’s launch at the same time point across multiple metrics, including new patient initiations and total user base. The survey was conducted three months after Trutakna’s market entry.

Compared to August survey results, Voyxact’s growth shows signs of slowing while Trutakna continues to gain market share. Physicians appear to favor Trutakna’s dual BAFF/APRIL inhibitory mechanism over Voyxact’s APRIL-only suppression, according to previous surveys. This preference exists despite Voyxact’s once-monthly dosing advantage compared to Trutakna’s once-weekly schedule.

Raymond James noted this trend could benefit both Trutakna and Vertex’s povetacicept, which also functions as a dual BAFF/APRIL inhibitor with monthly dosing. Povetacicept has a PDUFA date of November 30, 2026.

Phase 3 data sets for Voyxact, Trutakna, and povetacicept were presented at the American Society of Nephrology Kidney Week conference last weekend. Raymond James expects the conference to primarily raise awareness of the B cell-targeting class overall.