Aurinia price target raised to $11 from $10 at RBC Capital

RBC Capital analyst Douglas Miehm raised the firm’s price target on Aurinia Pharmaceuticals to $11 from $10 and keeps an Outperform rating on the shares. Aurinia announced today that it entered into a settlement agreement with Sun Pharma under which the companies will file a joint motion to terminate the ongoing Inter Partes Review directed at Aurinia’s ‘036 patent, as well as settlement of the ongoing patent infringement litigation related to Sun’s Cequa product, Miehm tells investors in a research note. The analyst expects the expect Patent Trial and Appeal Board to approve the motion to terminate the IPR. He now models a 75% probability for loss of exclusivity in 2037, versus previously 30%, and a 25% probability for loss of exclusivity in 2027 in the event the ‘036 patent falls.