Here’s Why Aurinia Pharmaceuticals (AUPH) Stock Plummeted Today
Aurinia (AUPH) investors got cold feet today, sending shares tumbling nearly 9%. The reason? The drug maker announced results from its Phase 2 head-to-head study of VOS and Restasis for the treatment of DES. Unfortunately, the primary endpoint of drop discomfort at 1-minute on Day 1 did not show a statistically significant difference. On efficacy endpoints, a clear benefit was demonstrated on STT (p=0.0051) and FCS (p=0.0003). The company indicated plans to continue advancing VOS for the treatment of DES.
“Improvements in STT and FCS are considered by regulators to be two of the most clinically meaningful measures of efficacy in this disease. The rapid onset and overall efficacy (as measured by the STT and FCS) demonstrated by VOS in this head-to-head study conducted against Restasis® is astounding and could be a game changer in the treatment landscape for dry eye,” said Joseph Tauber, M.D., Principal Investigator and head of the renowned Tauber Eye Institute in Kansas City, MO.
Neil Solomons, M.D., Aurinia’s Chief Medical Officer said, “We are extraordinarily excited with the superior efficacy shown by VOS when compared to Restasis®, which is the current market leader for the treatment of DES in the US. The efficacy endpoints exceeded our expectations and provide further validation of the potential of VOS to provide a highly differentiated and efficacious treatment option for the more than 16 million patients living with this all-too-common disease.”
“Based on these positive data, we plan to aggressively advance VOS for the treatment of DES, which we believe can create considerable value for both patients and our shareholders,” said Richard M. Glickman, Chairman and CEO of Aurinia. “Our pursuit of further development of VOS provides the company with an enhanced pipeline that further capitalizes on the differentiating features of voclosporin and positions us for substantial growth.”
Overall, TipRanks reveals the biotech player as one drawing bullish attention on Wall Street. Out of 4 analysts polled in the last 12 months, all 4 are bullish on AUPH stock. The 12-month average price target stands at $13.25, marking a nearly 92% upside potential from where the stock is currently trading. (See AUPH’s price targets and analyst ratings on TipRanks)