Company Update (NASDAQ:AUPH): Here’s Why Aurinia Pharmaceuticals Inc Jumped 28% Today
Investors in Aurinia Pharmaceuticals Inc (NASDAQ:AUPH) should be smiling from ear to ear today after the company announced positive 24-week data in 10 patients from the AURION study, an open-label exploratory study to assess the short-term predictors of response using voclosporin (23.7mg BID) in combination with mycophenolate mofetil (MMF) and oral corticosteroids in patients with active lupus nephritis (LN). The data are being presented by Robert Huizinga, Vice President of Clinical Affairs at Aurinia at the 10th Annual European Lupus Meeting in Venice, Italy.
Voclosporin showed a 70% Complete Response rate, with 8/10 patients showing an overall response. This 70% Complete Response rate at 24 weeks is higher than the prior 54% response rate at the same time point for 7 patients.
Aurinia Pharmaceuticals shares reacted to the news, jumping nearly 28% to $5.18 in early trading Thursday.
“The results of AURION provide further proof of concept data to support voclosporin’s use in the treatment of active LN and continue to indicate that 23.7mg BID is the optimal dose to advance into our phase III program,” said Neil Solomons, MD, Chief Medical Officer of Aurinia. “We are encouraged by our ability to quickly predict responses and remission rates in these patients, which can help clinicians optimize patient care and long-term outcomes.”
On the ratings front, AUPH stock has been the subject of a number of recent research reports. In a report released yesterday, H.C. Wainwright analyst Ed Arce reiterated a Buy rating on AUPH. Separately, on October 3, FBR’s Vernon Bernardino reiterated a Buy rating on the stock and has a price target of $9.00.
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 total average return of 31.9% and -15.5% respectively. Arce has a success rate of 42% and is ranked #70 out of 4190 analysts, while Bernardino has a success rate of 26% and is ranked #4077.
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.