AUPH - Why Shares of Aurinia Pharmaceuticals Soared This Week
Shares of Aurinia Pharmaceuticals (NASDAQ: AUPH) were up by 79.6% this week as of late Friday afternoon, according to data provided by S&P Global Market Intelligence . The biopharmaceutical company, which specializes in treating autoimmune disorders, closed last Friday at $4.32, then rose to as high as $7.80 in the early afternoon this Friday. Its stock is up more than 76% over the past year and it has a 52-week high of $4.07 and a 52-week low of $20.48.
The company announced preliminary and unaudited fourth-quarter numbers and investors liked what they saw. Aurinia reported full-year revenue of $134 million, up 112% over 2021. Revenue for the quarter was $28.4 million, up 20.9% year over year. That growth was due to the company's only marketed product, Lupkynis, which is the only Food and Drug Administration approved oral therapy to treat autoimmune disorder lupus nephritis.
The big jump wasn't just because of the company's finances. On Tuesday, Aurinia said it had settled its patent lawsuit with Sun Pharma regarding Lupkynis and patent No. 10,286,036 and Sun's dry-eye treatment, Cequa. The lawsuit had been a negative factor on the stock price for both companies, so the settlement was welcome news.
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Why Shares of Aurinia Pharmaceuticals Soared This Week