BUZZ-Aurinia Pharmaceuticals: H.C. Wainwright raises PT

Wed Aug 17, 2016 10:34am EDT
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** Canadian drug developer's U.S.-listed shares up 10 pct at $2.54, moving back into the black for the year

** H.C. Wainwright raises PT on stock to $10 from $7 vs. analysts' median PT of $9

** Aurinia said Monday its experimental lead drug, which treats lupus nephritis passed a mid-stage study; it also reported 13 trial deaths, which it says were all deemed unrelated to the drug

** Company's stock tanked about 56 pct on Monday and bounced nearly 28 pct on Tuesday

** H.C. Wainwright believes Aurinia will initiate a late-stage study of the drug, which it says still retains an overall profile that is very likely "approvable", despite the Street's overriding concern with the patient deaths

** Following the swings in its stock over the past few days, including Wednesday's gain, the shares are up 3 pct this year

** Lupus nephritis (LN) is a life-threatening condition that develops in up to 60 pct of patients with lupus, in which the body's immune system attacks itself