BIIB - Aurinia Pharmaceuticals gains on report investors pushing for sale

Aurinia Pharmaceuticals (NASDAQ:AUPH) rose 2.8% on a report that a European-based investor group is campaigning for the biotech to begin a strategic review. Aurinia holders, led by Switzerland-based MKT Tactical Fund, has written to the AUPH chairman, asking that the board to hire a bank for a sale process, according to a Betaville "rare alert." The investors own just under a 5% stake in AUPH. Aurinia (AUPH) has been the subject of rampant takeover speculation for months after Bloomberg reported in late October that Bristol-Myers (NYSE:BMY) indicated interest in acquiring AUPH. Biogen (NASDAQ:BIIB) has more recently been seen as a potential acquire of AUPH  after a Stat News report said that Biogen is working with Goldman Sachs to find potential targets for the company. Aurinia (AUPH) fell to seven-month low last week after several Wall Street analysts trimmed their price targets on the stock citing the company’s lackluster Q4 2021 results.

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Aurinia Pharmaceuticals gains on report investors pushing for sale