Why Aurinia Pharmaceuticals Stock Briefly Spiked Today

Shares of commercial-stage autoimmune disease specialist Aurinia Pharmaceuticals (NASDAQ: AUPH) raced higher in early action Thursday morning, rising as much as 15.7%. 

However, Aurinia's shares have given back most of these gains as the session has progressed. As of 10:58 a.m. ET, the biotech's stock was only up by 3.12%. 

Why did investors bid up Aurinia's shares? Ahead of the opening bell, the company announced its second-quarter 2022 financial results. The biotech said that sales of its lupus nephritis medication, Lupkynis, came in at $28.2 million for Q2, a 327% increase relative to the same period a year ago.

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Source Fool.com