Here's Why Orphazyme Stock Is Imploding Today
Shares of Orphazyme (NASDAQ: ORPH), a clinical-stage biopharmaceutical company, are getting hammered after the Food and Drug Administration (FDA) refused to approve an application for the company's lead candidate. Investors are now uncertain when the biotech could have an approved product to sell, and pushed the stock 44.4% lower as of 12:12 p.m. EDT on Friday.
The FDA began reviewing an application for Orphazyme's lead candidate arimoclomol last September as a potential treatment for a rare but life-threatening disease called Neimann-Pick Disease Type-C (NPC). Earlier this month, shares of Orphazyme shot up more than 200% in anticipation of a green light that never came.
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Source Fool.com
