Today, Orphazyme (NASDAQ:ORPH) is a big mover. And by big mover, I mean ORPH stock is up nearly 1,000% at the time of writing.
This is a stock that closed yesterday trading at $5.22. At the time of writing, shares of ORPH stock are trading in excess of $56.
Obviously, something is cooking with this stock right now. And investors seem to be asking what the heck is going on. A series of halts this morning, and immediate pops following the halts, have triggered speculation some sort of manipulation is occurring.
In the absence of any real news, let’s take a look at what this company does, and what sort of catalysts investors (might) be banking on with this stock.
ORPH Stock Soaring on Little News
Despite today’s move on what appears to be no real catalysts, there are some noteworthy items for investors to consider with ORPH stock.
The main catalyst investors appear to have their radar is an FDA extended review period for the company’s arimoclomol treatment, which expires June 17. Investors have taken to social media to chat about the PDUFA date as a binary event. This price action could be an indication some good news is on the horizon. However, in the absence of any publicly available information, investors need to be extremely cautious.
The company’s arimoclomol drug is aimed at the treatment of Niemann-Pick Disease Type C (NPC). This is a rare disease, and the drug remains under the priority review designation by the FDA. Indeed, if some positive news arises to warrant this rise, investors may wonder how this stock rose so quickly ahead of the news.
For now, investors are left scratching their heads with this one. This is a stock I’ve added to my watch list, and I suggest investors do the same. It will be an intriguing one to watch.
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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