AUPH - Aurinia Pharma upgraded at Oppenheimer; ongoing M&A story noted

Aurinia Pharmaceuticals (NASDAQ:AUPH) is trading ~2.5% higher in the pre-market after Oppenheimer raised its recommendation on the stock to Outperform from Perform. The price target of $31 per share implies a premium of ~47.8% to the last close. While the upgrade was based on valuation and an unchanged outlook on the commercial prospects of lupus nephritis therapy Lupkynis (voclosporin), the analysts led by Justin Kim “do not rule out an M&A thesis” and expect the year-end sentiment to remain through January. “As current share levels do not appreciate the fundamental value of Lupkynis' commercial potential, we are restoring our rating on the shares on valuation,” Kim and the team wrote. Primarily consisting of LUPKYNIS product sales, total revenue at Aurinia (AUPH) stood at $22.2M during the first nine months of the year. Read how the company’s M&A story developed.

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Aurinia Pharma upgraded at Oppenheimer; ongoing M&A story noted