AUPH - Why Aurinia Pharmaceuticals Stock Is Marching Higher Friday
2023-06-30 14:49:03 ET
Shares of the autoimmune specialist Aurinia Pharmaceuticals (NASDAQ: AUPH) rose by as much as 13.2% in early morning trading Friday. The biotech's shares cooled off after their hot start and are up by 8.6% on heavy volume as of 1:41 p.m. ET Friday.
The stock is marching higher today in response to the board of directors' decision to explore strategic alternatives, including a possible buyout, to boost shareholder value. The decision was announced yesterday afternoon via a press release.
Aurinia's stock has plummeted by a remarkable 72% from its 2021 peak. The biotech's shares have declined despite a strong commercial launch for its lupus nephritis medication Lupkynis. This year, for example, Lupkynis' sales are expected to grow by up to 15.6%, according to the company's high-end sales guidance.
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Why Aurinia Pharmaceuticals Stock Is Marching Higher Friday