Brokerage firm slashes Orphazyme price target by 77 percent

Following the CHMP’s indication that biotech firm Orphazyme’s drug candidate for rare metabolic disease Niemann-Pick type C will soon be rejected, institutional brokerage firm Danske Markets has decided to further reduce the company share price target.

Photo: Orphazyme/PR

Biotech company Orphazyme has had its share price target lowered to a mere DKK 3 (USD 0.45) from a previous DKK 13 (USD 1.95) by Danish brokerage firm Danske Markets. The firm maintains its recommendation ”sell,” according to financial news service PLX AI.

On Thursday, Orphazyme plummeted by 29 percent after the company broke the news that its oral presentation for the CHMP, an expert committee for the European Medicines Agency (EMA), had gone badly. As a consequence, the company no longer expects the EMA to approve drug candidate arimoclomol, a would-be treatment for the rare metabolic disease known as Niemann-Pick type C (NPC).

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