H.C. Wainwright analyst Ed Arce noted that Aurinia's largest shareholder, ILJIN SNT Co., announced over the weekend that it has launched a proxy contest to elect at least three directors to the company's eight member board. Arce does not agree with ILJIN's claims of excessive compensation, high operating costs or governance failures and believes the current board and new CEO are "well suited" to commercialize voclosporin to its "full potential," he tells investors. The analyst, who said he is confident the current board can defeat this proxy challenge, keeps a Buy rating and $25 price target on Aurinia shares.