Here is why Aurinia Pharmaceuticals Inc. (AUPH) stock plummeted on Friday?

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NAOV Stock
NAOV Stock

Aurinia Pharmaceuticals Inc. (AUPH) shares plummeted 17.46% in after-hours on Friday, November 19, 2021, and closed the weekly trading at $23.50. Even in the regular trading session, AUPH’s stock lost 4.01%. AUPH shares have 111.67% over the last 12 months, and they have moved down 4.33% in the past week. Over the past three months, the stock has gained 98.67%, while over the past six months, it has soared 125.06%.

Let’s see is there any reason behind its negative performance on Friday?


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Speculations about AUPH shelf offering

On Friday, there were rumours in the stock market about a $250 million mixed shelf offering, due to which AUPH stock lost 17,46% in the after-hours session.

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Due to the speculations, shareholders sell their stock because mixed shelf offering means the end of buyout talks with Bristol Myers Squibb due to which its shares blasted higher last month.

The accompanying prospectus filed with the Securities and Exchange Commission noted that the proceeds of any stock sales under this offering would be used for clinical development and commercial production of the company’s Food and Drug Administration approved lupus nephritis (LN) medication Lupkynis. It would advance its pipeline, business development opportunities, capital expenditures, and working capital.

There is no such news available on the company’s website so we have to wait and see how the company responds on Monday after the weekend.

AUPH participation in the recent events

Aurinia Pharmaceuticals Inc. (AUPH) recently participated and did a corporate presentation at the 2021 Jefferies London Healthcare Conference, which was held on November 16-19, 2021.

AUPH latest financial results

On November 03, 2021, Aurinia Pharmaceuticals Inc. (AUPH) released its financial results for the third quarter ended September 30, 2021.

Q3 2021 financial highlights

  • AUPH reported total revenue of $14.7 million in Q3 2021 compared to $29 thousand for Q3 2020.
  • The cost of sales was $254 thousand in Q3 2021 compared to nil in Q3 2020.
  • Total cost and expenses were $65.02 million in Q3 2021 compared to $42.34 million in Q3 2020.
  • It suffered a net loss of $50.3 million or $0.39 net loss per common share in Q3 2021, compared to a net loss of $42.1 million or $0.34 net loss per common share for the quarter ended September 30, 2020.
  • The company ended the third quarter with cash and cash equivalents and investments of $286.4 million compared to $422.7 million on December 31, 2020.

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Conclusion

Well, the stock went down after the rumours that Bristol Myers Squibb not looking to buy Aurinia Pharmaceuticals and Aurinia is looking for a shelf offering as discussed above. We can expect its stock to further dip on Monday unless the company issue an official statement about the recent rumours.

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