B.C. company’s stock crashes 30 per cent as patient adds fall short of projections
fell to a three-year low Thursday after the Victoria-based company cut its revenue forecast for this year and introduced tepid 2023 guidance for sales of its drug for a severe form of lupus.
The stock was down 28 per cent in mid-afternoon trading Thursday to $5.45, falling to levels last seen in November 2019 and more than 80 per cent off its 52-week high. Aurinia is increasing sales efforts to compel nephrologists and rheumatologists to prescribe the drug and keep patients on it, and recently launched a marketing campaign aimed at patients. “There’s an element of market development that needs to happen” to increase prescription, use and awareness of the drug’s benefits he said.
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