Aurinia Pharma's Phase 2b Data Lifts Stock, Suggests Big Potential - Aurinia Pharmaceuticals (NASDAQ:AUPH)

Elemer Piros of Cantor Fitzgerald maintains an Overweight rating on Aurinia Pharmaceuticals Inc AUPH's stock with a $14 price target after the company

reported data

from a Phase 2b study, which helped boost the stock higher by more than 5 percent.

During the National Kidney Foundation Spring Clinical Meeting on Thursday, the company discussed results from a 48-week secondary analysis from a Phase 2B study. The study, called AURA, is exploring a therapy called voclosporin for the treatment of lupus nephritis.

Aurinia reported that in addition to the therapy meeting its complete and partial remission endpoints at 48 weeks, all pre-specified secondary endpoints were also met, including speed of remission, reduction in Systemic Lupus Erythematosus Disease Activity Index, and reduction in urine protein creatinine ratio.

Piros: 'Encouraged' By Results

In a follow up from

Piros' initiation note

in early April, the analyst stated that Aurinia's data release is encouraging and supports a Phase 3 52-week primary endpoint design.

The analyst further noted that the company's voclosporin happens to be the first development candidate to achieve a successful primary readout in a large trial. This also works in Aurinia's favor since there is no approved therapy for lupus nephritis to-date.

The analyst's $14 price target is based on a net present value (NPV) of future cash flows associated with voclosporin and also factors in an estimated $2 per share in cash.

At last check in Friday's pre-market session, shares of Aurinia were up 4.86 percent at $7.34.