ARTICLE | Finance
Institutional haircut
Why Aurinia’s heavy haircut doesn’t signal broadly negative investor sentiment
March 17, 2017 10:03 PM UTC
It appears that the heavy discount Aurinia Pharmaceuticals Inc. (TSX:AUP; NASDAQ:AUPH) took on a follow-on last week is not an indicator of a change in sentiment among biotech investors. Rather, the discount was an artifact of a retail-driven run-up that began after the biotech started to market the deal.
On March 14, Aurinia raised $150.5 million in a follow-on through the sale of 22.3 million shares at $6.75, a 36% discount to the stock’s closing price of $10.54 the day before. ...
BCIQ Company Profiles