Shares of Orphazyme A/S (ORPH) stock were popping high in the pre-market today on June 14, 2021, after dropping with more than half of the per-share price value at the previous closing. ORPH stock price saw an uptrend of 23.79 % to reach $11.55 a share at the time of this writing. Let’s deep dive to explore more of it.
There is no recent update by the ORPH stock related to its clinical or operational development to justify the rising ORPH stock price. No analysts’ upgrades or increased targeted per share price of the ORPH stock has been in the recent news. It seems like the social media rally is pushing the stock towards high.
Before the previous closing with a 55% drop, the ORPH stock in response to the sudden hype in its per-share price of more than 1,400% at one time on Thursday, June 10, 2021, said that it has no idea of why the stock price soared over the night. The ORPH stock confirmed that there is no material change in its clinical as well as operation development or financial condition and warned the investors who purchased Orphazyme’s ADS shares, about the expected loss due to a sudden decline in the per-share price of the ORPH stock.
Investigations against Orphazyme Stock:
Back to the previous month on May 18, 2021, Pomerantz law firm had started investigating claims on behalf of ORPH’s shareholders. The claims were against Orphazyme and certain of its officers regarding securities frauds and other unlawful business practices.
ORPH stock on or around September 29 issued 7.6 million American depositary shares via the initial public offering at a per-share price of $11.00. Then on May 7, 2021, ORPH stock announced the topline results of arimoclomol in Amyotrophic Lateral Sclerosis (ALS) in a press release in which Orphazyme disclosed that the ORARIALS-01 pivotal trial did not produce satisfactory primary and secondary efficacy results in people suffering from ALS. This news resulted in a decrease of $2.81 per ADS on May 7, 2021.
So much trading volatility has been seen in the ORPH stock in the last couple of trading sessions without any specific reason. There is no such major development or financial condition announced by ORPH stock to justify the current trend. Hence investors must be aware of all facts and figures before adding this stock to their portfolio.