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24.07.2020 00:59:00

Why Aurinia Pharmaceuticals Dived by 16% on Thursday

One day after moving higher in the market, Aurinia Pharmaceuticals (NASDAQ: AUPH) stock was deep in the loss column on Thursday. Optimism flowing from good news the previous day was erased by the Canadian biotech's announcement that it's floating a new, $200 million secondary stock issue consisting of slightly over 13.3 million common shares.Aurinia's motives for this fresh round of capital-raising seem pure. The company says it will utilize the proceeds from the issue chiefly "for pre-commercialization and launch activities, research and development" for its pipeline drug Lupus Nephritis treatment Voclosporin. The company's good Wednesday news was that Voclosporin's New Drug Application (NDA) filing was accepted by the Food and Drug Administration (FDA).Image source: Getty Images.Continue reading
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