Why Aurinia Pharmaceuticals Stock Is Skyrocketing Today
Aurinia Pharmaceuticals (NASDAQ: AUPH), a late-stage developmental biotech, saw its shares rocket higher in after-hours trading Wednesday by a whopping 125%. The biotech's shares took flight in response to positive late-stage trial results for the experimental lupus nephritis drug candidate voclosporin. Lupus nephritis, in layman's terms, is a swelling of the kidneys caused by systemic lupus erythematosus.
The big-ticket item is that voclosporin reportedly produced significantly higher kidney response rates than placebo when used in combination with mycophenolate and low-dose corticosteroids in this pivotal trial. The company thus plans on submitting a New Drug Application to the Food and Drug Administration in the first half of next year. Aurinia said it would provide further details on the study during an 8:30 a.m. EST conference call Thursday morning.
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Source Fool.com
