orphazyme-stock’s-rocket-ride-leads-to-20-volatility-halts,-galecto-stock-halted-7-times

Orphazyme stock’s rocket ride leads to 20 volatility halts, Galecto stock halted 7 times

Business

Shares of Orphazyme A/S ORPH, +301.53% blasted 383.8% higher, enough to make the Denmark-based biopharmaceutical company’s stock by far the biggest gainer listed on major U.S. exchanges, prior to a trading halt. The stock, which was up as much as 1,387% at its intraday high of $77.77, was halted for volatility for the 20th time Thursday at 3:24 p.m. Eastern with the last trade at $25.30, and remains halted. The stock’s rally gave the company a market capitalization of $884.3 million. The company confirmed that there was no news released Thursday. The last announcement was May 7, when the company said a pivotal trial of its treatment for Lou Gehrig’s disease failed to meet primary and secondary endpoints, sending the stock plunging 32.8% that day. After Orphazyme, the next biggest gainer Thursday was Boston-based biotech Galecto Inc.’s stock GLTO, +60.00%, which ran up 170.0% prior to its seventh halt for volatility at 3:15 p.m. The stock’s rallies comes as Nasdaq Composite COMP, +0.78% gained 0.8% and the S&P 500 SPX, +0.47% rose 0.5%.