Aurinia (AUPH) Surges 6.6%: Is This an Indication of Further Gains?

By Zacks Investment ResearchStock MarketsOct 26, 2021 04:47AM ET

www.investing.com/analysis/aurinia-auph-surges-66-is-this-an-indication-of-further-gains-200606340

Aurinia (AUPH) Surges 6.6%: Is This an Indication of Further Gains?

By Zacks Investment Research | Oct 26, 2021 04:47AM ET

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Aurinia Pharmaceuticals (NASDAQ:AUPH) AUPH shares rallied 6.6% in the last trading session to close at $29.84. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 20.5% gain over the past four weeks.

Shares of Aurinia Pharmaceuticals have been consistently surging, following reports of its proposed acquisition by pharma giant Bristol Myers (NYSE:BMY) Squibb. Earlier this year, Aurinia received FDA approval for the first drug in the company’s commercial portfolio, Lupkynis, to treat active lupus nephritis (LN), a disease that causes irreversible kidney damage. While the news is yet to be confirmed by either of the companies, investors remain optimistic about the deal as a potential acquisition of Aurinia will add a recently approved LN drug to Bristol Myers’ commercial portfolio.

This biotechnology company is expected to post quarterly loss of $0.31 per share in its upcoming report, which represents a year-over-year change of -10.7%. Revenues are expected to be $14.7 million, up 48906.7% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Aurinia, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on AUPH going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

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Aurinia (AUPH) Surges 6.6%: Is This an Indication of Further Gains?

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