Aurinia Pharmaceuticals Inc AUPH shares are down more than 20 percent Tuesday after nearly tripling in a month’s time. For traders wondering how the stock lost its mojo, the Twitter feed of TheStreet columnist Adam Feuerstein tells the story.
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The Aurinia rumors started at around 1 p.m. Monday, when Feuerstein reported hearing that the company intended to raise $100 million.
A few minutes later, he got more specific, tweeting the deal could involve selling 15 million shares in the $6.25-$6.50 range.
At 1:44 p.m., Feuerstein continued his tweetstorm by telling his followers Aurinia “is doing a great job raising money tonight.”
When followers criticized his take on the pricing of the deal, Feuerstein fired back.
On Tuesday morning, he reported that the offering had officially been upsized to 22.3 million shares at $6.75/share.
While the stock may have lost its short-term momentum following the offering, Feuerstein believes the fundraising and the price were excellent for long-term investors. He concluded his tweetstorm with a shout out to all the people who doubted his motives on Monday afternoon.
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