Orphazyme A/S (ORPH) stock prices skyrocketed by a monumental 71.24% shortly after market trading commenced on June 16th, 2021, bringing the price per share up to USD$17.21 early on in the trading day.
Meme Stock Phenomenon
The meme stock phenomenon continues to dominate the stock exchange, with a slew of stocks being targeted for a coordinated pump by the Reddit-driven retail investors. Underdogs with a high short interests find themselves fortuitously bolstered as the community of investors continues to target companies without a logical basis for their support. In the absence of recent news or any fundamental developments, companies sometimes on the brisk of collapse find themselves renewed by the sweeping meme stock craze.
OPRH is a late-stage biopharmaceutical company that specializes in the pioneering of a heat-shock protein response, which it uses to treat neurodegenerative orphan diseases. As such, OPRH aims to develop and commercialize novel therapeutics based on the amplification of heat-shock proteins. The company’s leading drug candidate is arimoclomol.
Arimoclomol is currently in clinical development targeted at four orphan diseases: Niemann-Pick disease Type C (NPC), Amyotrophic Lateral Sclerosis (ALS), Inclusion Body Myositis (IBM) and Gaucher disease. The company is based out of Denmark, with shares of its common stock listed on the Nasdaq as an American Depositary Receipt. With some operations based on the U.S, most of the company’s operations are focused in Europe.
Future Outlook for ORPH
Armed with the fortuitous surge in the value of their equity, ORPH is poised to capitalize on the opportunities presented to it. The company is keen to continue its trajectory of success and usher in more organic growth over the long-term. Current and potential investors are hopeful that the management will leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.