Look back at pharma news to August 19

By Barbara Obstoj-Cardwell. Editor

The biotech sector is off to a decent start to the week even in the absence of any major M&A activity or earnings reports, noted Bret Jensen writing on the Seeking Alpha blog. The sector did a bit of consolidating last week and posted slight losses. This was more than understandable given the sector was up some 18% since June 30th in a massive snap back rally from oversold conditions.

It has been a roller coaster ride in the early going for shareholders of lightly traded Aurinia Pharmaceuticals. The stock was initially up after a mid-stage study was announced to have met its primary  efficacy endpoint in patients with active lupus nephritis. However, the stock has been more than cut in half in trading after it was disclosed that a very high (13) number of deaths were also reported within the study, noted Mr Jensen.