Why Aurinia Pharmaceuticals Stock Is Crashing Today
Shares of Aurinia Pharmaceuticals (NASDAQ: AUPH), an early commercial-stage biotech, are down by 17% in after-hours trading Thursday afternoon. The biotech's stock is cratering in response to the company's 2021 first-quarter earnings report released after the closing bell today.
Investors appear to be backing away from Aurinia today for one simple reason: Sales of the biotech's newly approved lupus nephritis medication Lupkynis (aka voclosporin) failed to break even $1 million during the first quarter of 2021. Wall Street, for its part, was expecting sales of approximately $1.1 million for the three-month period.
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Source Fool.com
