On June 17, it was just fine: Orphazyme (ORPH) stock price was $17.65. However, yes, unfortunately, however, one decision affected the price and today it is $8.1, a sensational 54% decrease. Stocks rise, stocks fall – it is a simple fact of market behavior. However, this is a unique case where stocks rallied 62% in the middle of the week, but the gains evaporated completely by the end of the week.
The Danish biotech company is another name that has caught the attention of a crowd of meme stocks that have lifted stocks to ridiculous heights in anticipation of potential drug approval. The drug is arimoclomol, the company’s candidate for the treatment of a rare but potentially fatal condition called Neumann-Pick type C disease (NPC).
However, in lieu of approval, the FDA sent Orphazyme a CRL (full response letter) stating that more data was needed beyond the results of phase 2/3 clinical trials. As a result, CRL Orphazyme also lowered its earnings forecast. The company also expects an increase in operating losses.
Finance and Entertainment Reporter
Richard is a bottle of wine – the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.