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Aurinia Pharmaceuticals Inc (NASDAQ:AUPH) announced that it has entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald & Co. (“Cantor”) pursuant to which the Company may from time to time sell, through at-the-market (“ATM”) offerings with Cantor acting as sales agent, such common shares as would have an aggregate offer price of up to US$8,000,000. Aurinia has also filed a prospectus supplement with securities regulatory authorities in Canada in the provinces of British Columbia, Alberta and Ontario, and with the United States Securities and Exchange Commission, which supplements Aurinia’s short form base shelf prospectus dated October 16, 2015, and Aurinia’s shelf registration statement on Form F-10 dated October 16, 2015, declared effective on November 5, 2015. The listing of any shares sold pursuant to the ATM offering is subject to the approval of the Toronto Stock Exchange and NASDAQ. Cantor, at Aurinia’s discretion and instruction, will use its commercially reasonable efforts to sell the common shares at market prices from time to time. Sales in the ATM Offering will only be conducted in the United States through NASDAQ or another exchange at market prices. No sales will be conducted in Canada or through the Toronto Stock Exchange.

Aurinia currently intends to use the proceeds from sales related to the ATM offering, if any, primarily to fund its lupus nephritis (“LN”) clinical trial program for voclosporin, including costs associated with initiating its planned Phase 3 clinical trial and for working capital and general corporate purposes. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which an offer, solicitation or sale would be unlawful prior to registration or qualifications under the securities laws of any such jurisdiction. (Original Source)

Shares of Aurinia Pharmaceuticals closed today at $2.53, down $0.02 or -0.78%. AUPH has a 1-year high of $5.69 and a 1-year low of $1.42. The stock’s 50-day moving average is $3.56 and its 200-day moving average is $2.84.

On the ratings front, Aurinia has been the subject of a number of recent research reports. In a report issued on November 7, H.C. Wainwright analyst Ed Arce reiterated a Buy rating on AUPH. Separately, on November 3, FBR’s Vernon Bernardino reiterated a Buy rating on the stock and has a price target of $9.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Ed Arce and Vernon Bernardino have a yearly average return of 12.3% and a loss of 25.2% respectively. Arce has a success rate of 28% and is ranked #332 out of 4186 analysts, while Bernardino has a success rate of 20% and is ranked #4051.

Aurinia Pharmaceuticals, Inc. operates as a biopharmaceutical company. It focuses on discovery and development of immunomodulating therapeutics. Its products include voclosporin and non-immunosuppressive cyclosporine analogue molecules for the treatment of lupus nephritis.