FDA rejects Orphazyme's rare disease drug, continuing wild ride for Danish meme stock

Orphazyme became the latest GameStop in the lead up to a key FDA decision over the past two weeks, with the shares shooting up to $77 apiece at one point. But now, the FDA has officially rejected the Danish biotech's Niemann-Pick disease type C (NPC) drug candidate arimoclomol, sending the shares crashing back to Earth.