Danish biotech Orphazyme's meme shares plummet 36%
Danish biotech Orphazyme's meme shares plummet 36%
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Orphazyme's meme shares
Shares in Danish biotech company Orphazyme (CSE:ORPHA) fell immediately by 36.65% to 51 DKK at the opening of trading on Monday, 14 June on the Copenhagen Stock Exchange.
A little later the securities corrected and stood at 67.85 MSEK in the afternoon.
Orphazyme (NASDAQ:ORPH) started rising after the rally in the US. At the close of trading on June 10, the corporation's shares on NASDAQ rose 301.5% to $21, and rose 1,387% to $77.77 at the high of the day. A day later the securities collapsed by 56%.
On 11 June in Copenhagen trading the quotations rose 136.8% to end the day at 80.5 kroner.
It is worth noting that Orphazyme is not aware of the reasons for the interest in the stock. The company develops treatments for rare neurodegenerative diseases. But so far, none of its products have received the necessary approvals for sales.
According to Nordnet, an economist at Danish brokerage Nordnet, the only explanation for Orphazyme's strong stock surge is that its own "meme" stocks have emerged in Denmark. This is what the media has called the securities of those companies that managed to make gains on US exchanges thanks to the support of retail investors from the social network Reddit.
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