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Aurinia positive Phase 2 data implies big potential

April 23, 2017

Elemer Piros of Cantor Fitzgerald maintains an Overweight rating on Aurinia Pharmaceuticals Inc AUPH 1.57%‘s stock with a $14 price target after the company reported data from a Phase 2b study, which helped boost the stock higher by more than 5 percent.

During the National Kidney Foundation Spring Clinical Meeting on Thursday, the company discussed results from a 48-week secondary analysis from a Phase 2B study. The study, called AURA, is exploring a therapy called voclosporin for the treatment of lupus nephritis.

Aurinia reported that in addition to the therapy meeting its complete and partial remission endpoints at 48 weeks, all pre-specified secondary endpoints were also met, including speed of remission, reduction in Systemic Lupus Erythematosus Disease Activity Index, and reduction in urine protein creatinine ratio.

Piros: ‘Encouraged’ By Results

In a follow up from Piros’ initiation note in early April, the analyst stated that Aurinia’s data release is encouraging and supports a Phase 3 52-week primary endpoint design.

The analyst further noted that the company’s voclosporin happens to be the first development candidate to achieve a successful primary readout in a large trial. This also works in Aurinia’s favor since there is no approved therapy for lupus nephritis to-date.

The analyst’s $14 price target is based on a net present value (NPV) of future cash flows associated with voclosporin and also factors in an estimated $2 per share in cash.

At last check in Friday’s pre-market session, shares of Aurinia were up 4.86 percent at $7.34.

 

Latest Ratings for AUPH

Date Firm Action From To
Apr 2017 Cantor Fitzgerald Initiates Coverage On Overweight
Nov 2016 Mackie Research Initiates Coverage On Speculative Buy
Jun 2016 H.C. Wainwright Initiates Coverage on Buy

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