AUPH In a correction but will bounce to new highs soon.
Hello,
What is AUPH?
Aurinia Pharmaceuticals Inc is a biopharmaceutical company. It provides products for patients suffering from serious diseases with a high unmet medical need.
News
Last week Aurinia Pharmaceuticals (NASDAQ: AUPH) announced that it completed a regulatory submission to the FDA seeking approval for its drug, voclosporin. If successful, vocolosporin could be the first FDA-approved treatment for lupus nephritis, an inflammatory kidney disease.
The company requested a Priority Review from the FDA, which would compress the agency's time to make a decision from 12 to eight months. The company is planning for a commercial launch in 2021.
The bigger picture includes the potential of voclosporin as a treatment for dry eye syndrome, which affects more than 16 million in the U.S. annually, and another kidney disorder called focal segmental glomerulosclerosis. Results from a late-stage clinical trial for dry eye syndrome are expected in the fourth quarter.
My thoughts
Looking at the chart I have identified a diagonal but have noted that wave 5 appears to have completed an ABC correction and might be in the process of creating an impulse as indicated on this chart. There are 3 key levels to watch for which will give us a clue of where the market wants to go. The first level is the corrective .50% and the .618% fib retracement level. The second level is support level 1 and the third level will be the bottom of wave 4 within this diagonal. Overall, giving the news, we know that if all the cards line up we will see new record highs for this stock come the new year. Beware that this stock could skyrocket way beyond what I have indicated on this chart as targets.
Good Luck, Cheers!
Be sure to comment, follow, like, and check out my profile for more trade ideas!
What is AUPH?
Aurinia Pharmaceuticals Inc is a biopharmaceutical company. It provides products for patients suffering from serious diseases with a high unmet medical need.
News
Last week Aurinia Pharmaceuticals (NASDAQ: AUPH) announced that it completed a regulatory submission to the FDA seeking approval for its drug, voclosporin. If successful, vocolosporin could be the first FDA-approved treatment for lupus nephritis, an inflammatory kidney disease.
The company requested a Priority Review from the FDA, which would compress the agency's time to make a decision from 12 to eight months. The company is planning for a commercial launch in 2021.
The bigger picture includes the potential of voclosporin as a treatment for dry eye syndrome, which affects more than 16 million in the U.S. annually, and another kidney disorder called focal segmental glomerulosclerosis. Results from a late-stage clinical trial for dry eye syndrome are expected in the fourth quarter.
My thoughts
Looking at the chart I have identified a diagonal but have noted that wave 5 appears to have completed an ABC correction and might be in the process of creating an impulse as indicated on this chart. There are 3 key levels to watch for which will give us a clue of where the market wants to go. The first level is the corrective .50% and the .618% fib retracement level. The second level is support level 1 and the third level will be the bottom of wave 4 within this diagonal. Overall, giving the news, we know that if all the cards line up we will see new record highs for this stock come the new year. Beware that this stock could skyrocket way beyond what I have indicated on this chart as targets.
Good Luck, Cheers!
Be sure to comment, follow, like, and check out my profile for more trade ideas!
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