Today, investors in Orphazyme (NASDAQ:ORPH) experienced wild gains. Orphazyme stock closed higher by more than 300%, but at one point, shares were up 1,000%. That is simply spectacular.Source: Shutterstock
This is a stock that halted numerous times today, and has seen a ridiculous number of shares trade hands. By market close, more than 6 million shares have traded, compared to the average daily volume of roughly 61,000 shares. Additionally, this stock has seen its market capitalization balloon from around $200 million yesterday to approximately $1 billion.
Whether or not this share price can be maintained is a whole other story. Investors pretty much have no clue why ORPH shares are on fire today.
But for investors interested in what Orphazyme does, let’s take a look.
What Is Orphazyme Stock All About?
- Orphazyme is a late-stage biopharma company specializing in pioneering a heat-shock protein response for the treatment of neurodegenerative orphan diseases.
- Accordingly, the company aims to harness the amplification of heat-shock proteins to develop and commercialize novel therapeutics.
- The company’s leading drug candidate is arimoclomol.
- This drug is 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.
- Orphazyme is based out of Denmark, and its shares are listed in the U.S. on the Nasdaq as an American Depositary Receipt.
- This company’s operations mainly focus in Europe, but it also has operations in the United States.
- Orphazyme stock briefly touched an all-time high of $77.77 today, giving this company a market cap of $2.7 billion at its peak.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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