BMY - Oppenheimer cuts Aurinia to perform on M&A chatter recent share price rise

Oppenheimer has downgraded Aurinia Pharmaceuticals (NASDAQ:AUPH) from outperform to perform following a report that the company may be acquired by Bristol-Myers Squibb (NYSE:BMY). In addition, the firm says that the current share price reflects appropriate valuation. Oppenheimer has a $32 price target (~7% upside) "We view the cart being placed somewhat at front of the horse at these levels," analyst Justin Kim writes. He adds that he continues to see blockbuster potential for the lupus drug Lupkynis (voclosporin). Kim says the recent share upside could subside if the M&A speculation ends up not happening. Earlier this week, Citi said that a Bristol acquisition of Aurinia makes sense.

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Oppenheimer cuts Aurinia to perform on M&A chatter, recent share price rise