AUPH - Aurinia Stock Price Fell Following Major Resignations Despite Defending at H.C. Wainwright
Aurinia Stock ( NASDAQ:AUPH )
Aurinia Pharmaceuticals ( NASDAQ:AUPH ), a Canadian biotech company, has fallen back into the red just one day after posting a gain of approximately 13%. This comes at the same time that H.C. Wainwright has taken steps to address questions regarding the departures of the company’s Chief Medical Officer and Executive Vice President of Research. As a result, Aurinia stock plunged in the market.
According to AUPH’s Head Executive Peter Greenleaf, medical chief Neil Solomons and research EVP Robert Huizinga resigned not because of any dispute with the firm management, the analyst Ed Arce said. He cited Greenleaf’s statement.
“After speaking with CEO Peter Greenleaf, we are convinced that their departure does not include any problems with the firm or management,” the analyst said, retaining their Buy rating on the Aurinia stock and setting a target price of $26 per share for it.
Arce brushes out worries regarding the timing of the departure, which happened after the European clearance for the medication for lupus nephritis. He makes this point by pointing to “their exceptionally extended development management of voclosporin from discovery to approvals.”
The analyst highlighted the company’s bench strength by referring to its “long-tenured professionals, as well as a handful of new additions over a previous couple of years.”
On Thursday, Aurinia stock shot up as investors focused on a rumored acquisition proposal made by pharmaceutical industry giant Bristol Myers precisely one year before.
Featured Image- Unsplash @ ANTIPOLYGON ...
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