FBR analyst Vernon Bernardino was out with a research note on shares of Aurinia Pharmaceuticals Inc (NASDAQ:AUPH) after the company announced updated results from its AURALV Phase IIb clinical study with voclosporin in patients with active lupus nephritis. Shares of Aurinia are currently trading at $3.17, up $0.16 or 5.32%.

Bernardino noted, “The trial achieved its primary endpoint (1EP) of statistically significant greater complete remission in patients treated with 23.7mg of voclosporin twice daily (BID). Updated results showed AURA met all of its pre-specified, 24-week secondary EPs (2EPs), including in patients treated with a high dose (39.5mg BID) of voclosporin. Importantly, the deaths observed in AURA, which were met by negative investor reaction, appear attributable to complications of the disease, not to voclosporin.”

“We think that, based on these Phase IIb results, AUPH (which plans to meet with the FDA in 4Q16 to discuss the data) may gain the agency’s endorsement to file a Biologics License Application (BLA) for voclosporin’s accelerated approval,” the analyst concludes.

As such, the analyst reiterated an Outperform rating on shares of Aurinia Pharmaceuticals, with a price target of $9.00, which implies an upside of 185% from current levels.

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Vernon Bernardino has a yearly average return of -15.8% and a 26% success rate. Bernardino has a 22.9% average return when recommending AUPH, and is ranked #4083 out of 4197 analysts.

As of this writing, all the 4 analysts polled by TipRanks rate Aurinia stock a Buy. With a return potential of 206%, the stock’s consensus target price stands at $9.67.

AUPH Chart