Leerink ups Aurinia price target to $14

iStock-183237856_LRG.jpg

Leerink raised its price target for Aurinia Pharmaceuticals (NASDAQ:AUPH) to $14 from $10 after the company’s R&D day in New York last Friday. The stock closed at $6.15 on Oct. 20.

Analyst Joseph Schwartz writes that the R&D session provided updates on the company’s clinical/pipeline programs and development strategy.

The company discussed its Phase 3 clinical trial (AURORA) for lupus nephritis, confirming that data are expected in late 2019.

In addition, Aurinia described its strategy to expand its renal franchise by leveraging voclosporin's mechanism of action for treatment of focal segmental glomerulosclerosis/minimal change disease, he added. An IND submission and completion of a proof-of-concept study should be completed in 2018.

Mr. Schwartz said the company also described its intention to initiate a Phase 2a program in the first half of 2018 to evaluate voclosporin’s efficacy to relieve symptoms in patients suffering from dry eye syndrome.