In response to receiving a favorable analyst rating, shares of Aurinia Pharmaceuticals (NASDAQ: AUPH), a clinical-stage biopharmaceutical company, rose 12% as of 3:55 p.m. EDT on Tuesday.
Investors can thank Justin Kim, an analyst at Oppenheimer, for today's double-digit jump. Kim initiated coverage on Aurinia Pharmaceuticals on Monday evening after the market closed and gave shares an "outperform" rating. A price target of $14 was also issued, which is considerably higher than the $5.80 closing share price on Monday.
Traders bid up shares in response to the bullish rating and sky-high price target.