Aurinia Pharmaceuticals got a new $11 price target from Canaccord Genuity today. Dang! That's only 91.3% upside from the current price of $5.75!
The upgrade seems to be about Voclosporin (VCS), Aurinia Pharmaceutical's investigational therapy for patients with active lupus nephritis and moving through Phase III testing. As VCS is directed to an autoimmune disease that has been targeted by Big Pharma companies looking for the next multi-billion dollar drug (FBR projects VCS could achieve more than $2 billion in annual peak sales), Aurinia could receive an acquisition bid from a Big Pharma company at $11 per share.