H.C. Wainwright analyst Ed Arce maintained a Buy rating on Aurinia Pharmaceuticals (AUPH) today and set a price target of $25. The company’s shares opened today at $6.39.
“We continue to believe ILJIN’s claims are poorly substantiated. Aurinia’s largest shareholder (approx. 14% S/O), ILJIN SNT Co., Ltd. (private; Seoul, South Korea), launched a proxy contest seeking to install three independent, “non-conflicted” directors on Aurinia’s eight member Board, including Dr. Robert Foster, current CEO of ContraVir (CTRV; not rated) and former CEO of Isotechnika Pharma, a predecessor company to Aurinia that conducted some of the early trials of voclosporin. ILJIN has made a wide variety of claims related to poor stock performance, corporate governance, and executive compensation. and has stated, “Aurinia has failed to communicate or execute a coherent strategy…”. We continue to disagree with ILJIN’s assertions on the basis of insufficient evidence.”
According to TipRanks.com, Arce is a 4-star analyst with an average return of 5.6% and a 34.9% success rate. Arce covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Arcturus Therapeutics Ltd, and Melinta Therapeutics Inc.
Currently, the analyst consensus on Aurinia Pharmaceuticals is a Strong Buy with an average price target of $15.33.
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Based on Aurinia Pharmaceuticals’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $12.43 million. In comparison, last year the company had a GAAP net loss of $15.48 million.
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Aurinia Pharmaceuticals, Inc. operates as a clinical stage biopharmaceutical company, which engages in the development of a therapeutic drug to treat autoimmune diseases particularly lupus nephritis. The company was founded by Robert Foster, Richard Glickman and Michael Martin on June 16, 1993 and is headquartered in Victoria, Canada.