24/7 Market News Snapshot 07 November, 2024 – Aurinia Pharmaceuticals Inc (NASDAQ:AUPH)

November 7, 2024

DENVER, Colo., 07 November, 2024 (247marketnews.com) – (NASDAQ:AUPH) are discussed in this article.
Aurinia Pharmaceuticals Inc. is experiencing a significant uptick in its market performance, with shares opening at $7.84 and currently trading at $8.423, reflecting an impressive increase of approximately 12.01%. This surge follows a previous closing price of $7.520 and is accompanied by a trading volume of 2.10 million, indicating heightened investor engagement and overall positive market sentiment. Analysts suggest that the bullish movement may be driven by upcoming clinical trial results or strategic market developments, highlighting the need for traders to monitor key resistance levels above $8.50, while support remains around $7.50.

In parallel, Aurinia has unveiled strong financial results for the third quarter and the first nine months ending September 30, 2024. The company reported a total net revenue of $67.8 million for the third quarter, marking a 24% increase year-over-year, while year-to-date revenues reached $175.3 million, a growth of 34% compared to the previous year. This exceptional performance is primarily attributed to robust sales of LUPKYNIS®, Aurinia’s FDA-approved treatment for lupus nephritis.

In a strategic move to optimize operational efficiency and focus on enhancing LUPKYNIS growth, Aurinia plans to reduce its workforce by around 45%. This restructuring is projected to result in annualized cash-based operating expense savings of over $40 million. The third quarter saw 364 new patient start forms, revealing the success of Aurinia’s commercialization approach, with consistent conversion rates and adherence levels indicating strong patient care commitment.

Furthermore, the company has made strides in research and development, recently commencing a Phase 1 study of AUR200, aimed at treating autoimmune diseases. Initial results from this study are expected in the first half of 2025, demonstrating Aurinia’s ongoing dedication to addressing unmet medical needs and enhancing patient quality of life.

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