AUPH - Aurinia favored at Cantor despite earnings miss

Aurinia Pharmaceuticals ([[AUPH]] -18.2%) has plunged after the company’s Q1 financials came below expectations.Weighing on the results, Cantor Fitzgerald has maintained the overweight rating and the price target of $34.00 per share which indicates an upside of ~175.5% to the last close.With two months into the launch amid COVID impact, the company ‘is off to a good start’ in terms of LUPKYNIS sales, the analyst Alethia Young argues citing positive patient start form trends.Even though the failure to meet the consensus has weighed on the stock, ‘the real focus is future trends’ the analyst wrote pointing to new scripts, payer coverage, and feedback from physicians all of which seemed positive on the earnings call.The company has ended Q1 with 257 patients start forms and a solid yet early conversion rate, Peter Greenleaf CEO of Aurinia noted on the earnings call, adding “these trends continue and have grown into the early part of Q2.”

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Aurinia favored at Cantor despite earnings miss