Why Aurinia Pharmaceuticals Stock Is In Retreat Today
Shares of small-cap autoimmune disease specialist Aurinia Pharmaceuticals (NASDAQ: AUPH) were down by a hefty 13.5% as of 10:50 a.m. ET Friday morning. This double-digit move southward was also accompanied by a healthy surge in the stock's daily volume.
What's sparking this sudden sell-off? Yesterday, Aurinia announced the hiring of three new executives. Specifically, the company said that Volker Knappertz, M.D., will become its executive vice president of research and development, Scott Habig will take over as chief commercial officer, and DeDe Sheel will become vice president of investor relations.
Why are investors giving the biotech's hiring spree a thumbs-down? Aurinia has long been the subject of the buyout rumor mill. As a result, there's no doubt that some investors bought this stock looking for a quick buck via a premium tender offer.
Source Fool.com
