Here is why Aurinia Pharmaceuticals Inc. (AUPH) stock rallied on Thursday?

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FRLN Stock
FRLN Stock

Aurinia Pharmaceuticals Inc. (AUPH) shares jumped 14.35% in after-hours on Thursday, August 05, 2021, and closed the daily trading at $13.39 per share. In the regular trading session of Thursday, AUPH’s stock gained 2.09%. AUPH shares have fallen 19.30% over the last 12 months, and they have moved down 16.06% in the past week. Over the past three months, the stock has lost 5.11%, while over the past six months, it has declined 24.31%.

Let’s have a look at its recent news and developments


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AUPH recent financial results announcement

On August 05, 2021, Aurinia Pharmaceuticals Inc. (AUPH) released its financial results for the second quarter ended June 30, 2021.

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Q2 2021 financial highlights

  • AUPH earned a total revenue of $6.6 million in Q2 2021 compared to $29 thousand in Q2 2020.
  • The cost of sales was $308 thousand in Q2 2021 compared to nil in Q2 2020.
  • Total cost and operating expenses were $53.75 million for Q2 2021 compared to $26.9 million in Q2 2020.
  • It suffered a net loss of $47.0 million or $0.37 net loss per common share in Q2 2021, compared to a net loss of $26.5 million or $0.24 net loss per common share for the 2nd quarter ended June 30, 2020.
  • Aurinia had cash and cash equivalents and investments of $323.7 million on June 30, 2021, compared to $422.7 million on December 31, 2020.

AUPH de-listing from Tokyo stock exchange

On July 16, 2021, Aurinia Pharmaceuticals Inc (AUPH) announced voluntarily delisting the common shares of the Company from the Toronto Stock Exchange (TSX) effective as of the close of trading on July 30, 2021. The Company’s common shares are no longer available on the TSX but will continue to trade on the Nasdaq Capital Market (Nasdaq) under the symbol AUPH.

AUPH supporting patient navigation programs

On June 30, 2021, Aurinia Pharmaceuticals Inc announced the recipients of five $50,000 grant awards to support the implementation of patient navigation programs targeted toward disadvantaged populations at most risk of developing SLE and LN. Each non-profit patient-focused organization will receive funds to support their proposed one-year pilot programs to help people living with these conditions navigate the complexities of diagnosis and disease management, support better adherence to medical appointments and treatments, and provide customized resources and education.

Update about Voclosporin with EMA

On June 25, 2021, AUPH licensing partner, Otsuka Pharmaceutical Europe Ltd, filed an initial Marketing Authorization Application (MAA) for voclosporin for the treatment of lupus nephritis (LN) to the European Medicines Agency (EMA).

In January 2021, FDA approved voclosporin in combination with a background immunosuppressive therapy regimen for the treatment of adult patients with active LN and it is currently available in the U.S. under the brand name LUPKYNIS™.

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Conclusion

The AUPH stock performed well on Thursday after the company announced its Q2 2021 financial results which beat the analyst’s revenue estimates. we hope that it will continue its surge on the last day of the week as well.

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