Why Aurinia Pharmaceuticals Stock Is Sliding Today
Shares of Aurinia Pharmaceuticals (NASDAQ: AUPH) were sliding 6.5% lower as of 11:36 a.m. ET on Wednesday. The stock fell as much as 12.7% earlier in the day. This decline came after Canadian investment bank Bloom Burton & Co. downgraded Aurina stock from a buy recommendation to "accumulate."
Aurinia has had plenty of bad news lately. The biotech stock was down 61% year to date even before the Bloom Burton downgrade. On Tuesday, Aurinia announced that the U.S. Patent and Trademark Office (USPTO) Patent Trial and Appeal Board (PTAB) decided to move forward with a trial challenging its key patent for lupus nephritis drug Lupkynis.
It's usually best to take analysts' downgrades (and upgrades, for that matter) with a grain of salt. After all, Aurinia's share price plunged while Bloom Burton was recommending that investors buy the stock.
Source Fool.com
