Shares of Aurinia Pharmaceuticals (AUPH) are soaring 9.23% in pre-market trading on Friday, following a significant upgrade from Jefferies. The investment bank raised its rating on the biopharmaceutical company from Hold to Buy, while more than doubling its price target from $10 to $21.

The upgrade comes as Jefferies expresses increased confidence in Aurinia's commercial performance. This positive outlook suggests that the company's key product, LUPKYNIS, approved for the treatment of lupus nephritis, may be gaining traction in the market. The substantial increase in the price target implies that Jefferies sees considerable upside potential for Aurinia's stock.

This bullish stance from Jefferies aligns with the overall positive sentiment among analysts covering Aurinia Pharmaceuticals. According to FactSet, the company currently has an average rating of Buy, with a mean price target of $16.29. The latest upgrade and increased price target from Jefferies could potentially lead other analysts to reassess their positions on the stock, potentially driving further investor interest in Aurinia Pharmaceuticals.