More Upgrades Several more analysts on the Street raised their target prices for Aurinia Pharmaceuticals Inc. (
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) in response to the approval from the U.S. Food and Drug Administration to sell its drug for a severe form of lupus.
On Monday, shares of the Victoria-based company jumped over 26 per cent in response to the late Friday announcement.
“Aurinia’s sole product, voclosporin (brand name LUPKYNIS), is now FDA-approved for the treatment of active lupus nephritis in adults, and the product label overall is in line with our expectations while average pricing guidance is above our prior forecast,” said RBC Dominion Securities analyst Douglas Miehm. “We reiterate our view that Aurinia is well positioned to gain market share in this underpenetrated therapeutic area, with robust Ph. III data, a sizeable cash position, and an experienced commercialization team in place.”
Mr. Miehm raised his target to US$28 from US$20 with an “outperform” rating. The average target is now US$27.70.
Elsewhere, Jefferies analyst Maury Raycroft raised his target to US$35 from US$21 with a “buy” rating.