Aurinia Pharma (NASDAQ:AUPH) stock is taking a beating on Monday following a filing with the U.S. Securities and Exchange Commission (SEC) on Friday.
Let’s jump into that latest news to see why investors are upset with AUPH stock.
- The big news from the SEC filing Friday is a mixed shelf offering for shares of the company’s stock.
- This was revealed after markets closed for the day.
- As such, we’re seeing the spillover from the announcement during trading today.
- This mixed shelf offering is for $250 million.
- The fact that it’s a mixed shelf offering means it could take place over several years.
- So why does this matter so much to holders of AUPH stock?
- It all has to do with recent acquisition rumors concerning the company.
- There were rumors last month that Bristol Myers Squibb (NYSE:BMY) was considering acquiring Aurinia Pharma.
- That likely resulted in traders picking up shares of the stock in hopes of confirmation of the acquisition.
- With that confirmation now unlikely to come, it looks like investors are fleeing AUPH stock on today’s mixed shelf offering news.
- Heavy trading of the stock today backs up this idea.
- As of this writing, more than 16 million shares of the stock have changed hands.
- That’s well above the company’s daily average trading volume of 4.4 million shares.
AUPH stock is down 29% as of Monday afternoon but is up 47.8% since the start of the year.
Investors seeking more recent stock market news will want to stick around!
InvestorPlace has all the latest stock news that traders need to know about for Monday. That includes why Nio (NYSE:NIO) stock is on the move, what’s happening with Rivian (NASDAQ:RIVN) shares today, as well as PainReform (NASDAQ:PRFX) stock slipping. You can get more details about these matters by following the links below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.