Since the start of the year
But the bafflement grew further today after shares in a small Danish biotech firm surged almost 1,400 per cent.
“The company is not aware of any material change in its clinical development programs, financial condition or results of operations that would explain such price volatility or trading volume that has occurred since
It warned that investors who bought its shares “may lose a significant portion of their investments if the price of such securities subsequently declines”.
While the company was unable to explain the sudden surge, analysts suggested it had become Denmark’s own meme stock.
“It’s not just
“Sometimes, there’s no logical explanation for what happens on the stock market,” he said. “And the development in the share price of
Orphazyme’s American Depositary Shares surged as much as 1,387 per cent yesterday, before closing up 302 per cent. Its Danish shares rose more than 136 per cent today.
The
Other popular meme stocks backed by armchair traders include cinema chain AMC and retailer
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