Why Aurinia Pharmaceuticals Stock Is Glowing Green Today
Aurinia Pharmaceuticals (NASDAQ: AUPH), a small-cap commercial-stage drugmaker, is having another strong session today. Specifically, the biotech's stock was up by 11.9% on moderate volumes as of 1:51 p.m. ET Tuesday afternoon.
Following this latest double-digit gain, Aurinia's shares have risen by a staggering 155% so far this year. Today's uptick coincides with the issuance of a new and refined method-of-use patent for the company's lupus nephritis medication, Lupkynis, from the United States Patent and Trademark Office. Aurinia noted in its press release that this patent provides another layer of protection against generic competition, as it extends the drug's period of exclusivity to 2037.
What's all the fuss about? Aurinia's stock has been in rebound mode ever since management announced that the patent dispute with the Indian multinational pharmaceutical company Sun Pharma over Lupkynis was favorably resolved back in January. This patent challenge weighed heavily on the biotech's stock price last year, and it may have even halted a buyout offer from a major pharmaceutical company.
Source Fool.com
