Aurinia Pharmaceuticals Inc (AUPH)

Aurinia Pharmaceuticals Inc (AUPH) stock dropped by 24.47% due to the company's announcement of a quarterly loss of $0.19 per share, slightly missing the Zacks Consensus Estimate of a loss of *$0.18** per share. Despite the loss widening from $0.18 per share a year ago, the company has exceeded EPS estimates in three of the last four quarters. Financial Performance Overview: The company posted revenues of $45.1 million for the quarter ended December 2023, surpassing the Zacks Consensus Estimate by 3.52%. This significant revenue growth from $28.44 million in the same period last year marks the fourth consecutive quarter that Aurinia has beaten consensus revenue estimate.

Shares of Aurinia Pharmaceuticals Inc (AUPH) dropped by 6.11% from $9.49 to $8.91 in the trading on Wednesday, December 20, 2023. The reason why AUPH down today is due to Aurinia's announcement that it submitted an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) for AUR200, a potential next-generation therapy for B-cell mediated autoimmune diseases. Aurinia plans to initiate a Phase 1 study in the first half of 2024 to evaluate the safety, tolerability, pharmacokinetics, and pharmacodynamics of AUR200 in healthy volunteers once it receives FDA clearance. Animal data presented at a medical conference demonstrated AUR200's therapeutic potential in reducing markers of disease activity and improving survival in a lupus mouse model. The therapy also showed good tolerability in both mice and cynomolgus monkeys, with no adverse effects reported. Aurinia acquired AUR200 as part of its strategy to diversify its development pipeline and advance innovative therapeutic solutions for autoimmune diseases.