Leerink Partners Reiterates Outperform Rating on Aurinia Pharmaceuticals (AUPH)

Leerink Partners analyst Joseph Schwartz reiterated an Outperform rating and $10.00 price target on Aurinia Pharmaceuticals (NASDAQ: AUPH).

The analyst comments "First-in-human (FIH) data with aritinercept (AUR200) appear competitive with the many other APRIL/ BAFF assets in development; however, we await the initiation of clinical studies in autoimmune diseases in 2H25 for a better understanding of its potential place in the treatment class. This morning, Aurinia (AUPH, OP) disclosed Ph.1 single ascending dose (SAD) data with aritinercept, a recombinant IgG4 Fc fusion protein that contains a modified B-cell maturation antigen (BCMA) extracellular domain for enhanced binding to APRIL and BAFF; see our first take (APRIL Fooling B Cells, FIH AUR200 Data Look Interesting). This trial investigated aritinercept at a variety of doses (5, 25, 75, 75, 150, 225, and 300mg), with treatment being generally welltolerated at all dose levels. The half-life was demonstrated to be 6-8 days after a single dose and pharmacodynamic effects on immunoglobulins are supportive of once-monthly dosing via subcutaneous injection, in line with Vertex's (VRTX, MP, Risinger) povetacicept (ALPN-303) and Otsuka's (OTSKY, Not Rated) sibeprenlimab. At day 28, the maximum immunoglobulin reductions with aritinercept appear competitive as compared to several of the other anti-APRIL/BAFF assets in development (see presentation here). Following these data, AUPH plans to initiate clinical studies of aritinercept in at least two autoimmune diseases in the second half of the year. Considering the competitive landscape, management did not provide much detail beyond this regarding the indications of focus, the dose(s), injection volume, etc. AUPH is generating positive cash flow from Lupkynis (voclosporin) sales and plans to take aritinercept forward on their own. Given the early stage of development and the unknown indications of focus, we are not yet adding aritinercept to our valuation. Reiterate Outperform and $10 PT."

For an analyst ratings summary and ratings history on Aurinia Pharmaceuticals click here. For more ratings news on Aurinia Pharmaceuticals click here.

Shares of Aurinia Pharmaceuticals closed at $8.64 yesterday.

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