HomeTrending StocksHere is why Orphazyme A/S (ORPH) stock rallied in the after-hours on...

Here is why Orphazyme A/S (ORPH) stock rallied in the after-hours on Tuesday?

Orphazyme A/S (ORPH) shares surged 20.72% in after-hours on Tuesday, January 18, 2022, and closed the daily trading at $2.68. However, in the regular trading session of Tuesday, ORPH’s stock lost 3.48%. The stock volume remained 0.22 million shares. ORPH shares have fallen 83.90% over the last 12 months, and they have moved down 0.45% in the past week. Over the past three months, the stock has lost 44.78%, while over the past six months, it has declined 58.27%.

Let’s see what are the latest news about the company?


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ORPH financial news

On January 18, 2022, Orphazyme A/S (ORPH) updated its financial outlook for 2021 based on a review of preliminary unaudited financial results for the year ending December 31, 2021. Audited financial results for the full-year 2021 will be published on March 15, 2022.

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Improved FY 2020 outlook

  • ORPH is now expecting net revenue in the range of $35 million to $37 million for FY 2021 compared to previous guidance of $30 million to $40 million.
  • Operating expenses are expected to be between $665 million to $675 million compared to previous guidance of $700 million to $720 million.
  • Operating loss is expected to be in the range of $630 million to $640 million compared to the previous outlook of $670 million to $700 million.

ORPH corporate changes

On December 9, 2021, Orphazyme A/S (ORPH), announced changes to the Board of Directors, following Catherine Moukheibir’s decision to step down from her position as of December 9, 2021.

Andrew Mercieca has been appointed as Observer and Consultant to the Board of Directors with the intention that he will be proposed as a member of the Board of Directors at the Company’s Annual General Meeting, which is scheduled to be held on April 7, 2022. If elected, he will also take over as Chairman of the Audit Committee.

Bo Jesper Hansen, Deputy Chairman of the Board of Directors, will be acting as interim Chairman of the Audit Committee until the proposed election at the Annual General Meeting.

ORPH U.S. At-the-Market Offering Program

On November 4, 2021, Orphazyme A/S (ORPH), filed a prospectus supplement with the U.S. Securities and Exchange Commission relating to a U.S. At-the-Market Offering Program, according to which the Company may issue and sell American Depositary Shares having an aggregate offering price of up to $50,000,000, each ADS representing one ordinary share of the Company, to be sold in the United States at market price, from time to time, at its option, in “at the market” transactions on The Nasdaq Global Select Market.

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Conclusion

The improved financial outlook was the reason behind its exceptional gains in the after-hours on Tuesday and we expect it to continue to climb up on Wednesday as well.

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