H.C. Wainwright lowered the firm’s price target on Aurinia Pharmaceuticals to $13 from $15 and keeps a Buy rating on the shares. Last week Aurinia announced that after seven months with no formal offers it has decided to conclude its strategic review without any transaction, which has driven the shares down 28% over the last four trading sessions, the analyst tells investors in a research note. The firm views the selloff as overdone, saying Aurinia is poised to be cash flow positive in 2024 and likely GAAP profitable in 2025.
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