Denmark now has its own meme stock

Orphazyme A/S, a tiny biotech company saw its American Depository Shares soar almost 1400% during US trading hours for absolutely no reason.

The company says it’s, “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.”

By around 4 p.m. in Copenhagen on Friday, Danish shares in Orphazyme were up about 108% bringing its market value to roughly $405 million. Meanwhile, its ADS price fell about 30%.

Any takes on why you would invest in a stock whose owners themselves do not know why their price is on the rise?