The stock of Aurinia Pharmaceuticals Inc (TSE:AUP) gapped up by $0.02 today and has $9.54 target or 62.00% above today’s $5.89 share price. The 9 months technical chart setup indicates low risk for the $256.52 million company. The gap was reported on Nov, 16 by Barchart.com. If the $9.54 price target is reached, the company will be worth $159.04M more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 86,654 shares traded hands. Aurinia Pharmaceuticals Inc (TSE:AUP) has risen 35.79% since April 12, 2016 and is uptrending. It has outperformed by 31.10% the S&P500.
Another recent and important Aurinia Pharmaceuticals Inc (TSE:AUP) news was published by Businesswire.com which published an article titled: “Aurinia Pharmaceuticals to Present at Stifel 2016 Healthcare Conference” on November 10, 2016.
Aurinia Pharmaceuticals Inc. is a Canada clinical-stage biopharmaceutical firm operating in the field of nephrology and autoimmunity. The company has a market cap of $256.52 million. The Company’s primary business is the development of a therapeutic drug to treat autoimmune diseases, in particular lupus nephritis . It currently has negative earnings. It is focused on the development of its lead compound voclosporin, a therapeutic immunomodulating drug candidate, which is a second-generation calcineurin inhibitors (CNI) to treat patients afflicted with LN.
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