FBR See Sell Off in Aurinia Pharma (AUPH) as Overdone; Remains Positive on Voclosporin
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FBR & Co. affirms Aurinia Pharmaceuticals Inc. (Nasdaq: AUPH) with an Outperform rating and $9 price target following Phase 2b AURA-LV (AURA) data in LN released earlier this week.
The firm commented,
While we view the top-line results as positive, the stock pulled back 55%, perhaps on the perception that the deaths observed in the VS arms (12 versus one in the placebo arm) obviates the potential to file accelerated approval. With data coming primarily from subject participation in prior clinical trials in Asia, we had anticipated a Phase III trial would be required to confirm the early positive results and demonstrate that the benefits of VS treatment outweigh the risks prior to voclosporin’s approval. We believe the sell-off is overdone and think the shares offer a significant value proposition.
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