By Chris Wack
Orphazyme AS said US custodian stocks representing its common stock on the Nasdaq have experienced extreme price and trading volume volatility since Thursday.
The biopharmaceutical company said it was not aware of any material changes in its clinical development programs, financial condition or operating results that would explain the price volatility or volume of transactions that has occurred. .
The stock is down 57% to $ 9.08 in pre-trade, after closing Thursday’s session up 300%. Pre-market volume was 909,000 shares at 6:30 am ET, while the share has an average volume of 183,000 shares in 65.
Orphazyme said investors who buy the company’s ADSs or shares can lose a significant portion of their investments if the price of those securities subsequently drops.
Orphazyme’s applications for arimoclomol for Niemann-Pick disease type C are under priority review with the United States Food and Drug Administration, with an expected action date under the Prescription Drug. User Fee Act on June 17, as well as with the European Medicines Agency, with an opinion from the Committee for Medicinal Products for Human Use expected later this year.
Write to Chris Wack at firstname.lastname@example.org