Goldman Sachs bought – then sold – a noteworthy stake in a tiny Danish biotech firm that became a meme stock last week.
Orphazyme, a Copenhagen, Denmark-based biotech firm, said the bank’s holdings increased to 5.58% of the company’s shares as of June 16. Then, just a day later, the bank’s stake fell below the 5% threshold that triggers a filing.
Orphazyme’s American Depository Shares rallied 61% on June 16 and then fell the following three days. The bank didn’t respond to Insider’s request for comment on the matter.
The stock has been on a wild ride since June 10 when it surged as much as 1,387% in a single trading day. The company rose to popularity on Reddit’s Wall Street Bets that day, though some retail traders questioned if the trade was a hedge-fund pump-and-dump.
In a statement about the share surge, the company said it wasn’t aware of any material changes to the business that would explain the stock move and warned investors they could lose money if the price dropped.
The price of the company’s American Depository Shares has surged then plummeted twice this month. Wednesday, the price was on the rise again, gaining as much as 53%.
The company, founded in Denmark in 2009, is researching and developing heat-shock proteins to treat people living with rare neurodegenerative diseases, according to its website. It went public in 2017. Orphazyme did not immediately respond to Insider’s request for comment.
Orphazyme isn’t the only small firm to be added to the meme-stock basket recently. This week, another small biotech firm, Atossa Therapeutics, saw a huge rally when retail traders poured into the stock, while a tiny Texas oil driller that’s previously warned it could go out of business also surged.
The meme-stock frenzy began earlier this year when investors mobilized on social media like Reddit caused GameStop’s share price to soar. Since then, many other stocks have been pulled into the frenzy.
Shares of a small Denmark biotechnology company surged as much as 1,387% in US trading hours Thursday as chatter about the stock jumped on Reddit’s Wall Street Bets.
Orphazyme, which is researching treatment for rare diseases, closed the day 302% higher in the US. In Denmark Friday it continued to rally as much as 88%, according to Bloomberg data.
On Thursday, the stock had about 450 mentions on the Wall Street Bets subreddit, making it the eighth-most mentioned company for the day, Quiver Quantitative data show. By comparison, AMC Entertainment had about 1,400 mentions and came in second.
Even so, the stock fell out of popularity on the subreddit Friday. On another thread, r/Stocks, several Redditors, confused at the stock move, questioned if it was a hedge-fund pump and dump. The company’s American Depository Shares fell more than 50% in early morning trading Friday.
In a statement about the share surge, the Copenhagen, Denmark-based company said it’s not aware of any material change in its programs, finances, or operations that would explain the stock move.
“Investors who purchase the company’s ADS or shares may lose a significant portion of their investments if the price of such securities subsequently declines,” the statement said.
Per Hansen, an investment economist at Nordnet in Copenhagen, told Bloomberg there’s not a logical explanation for the move, adding that GameStop and AMC aren’t the only culprits of “strange, sudden, and inexplicable” price developments.
Meme stocks have seen a surge of interest in recent weeks amid renewed interest in movie-theater chain AMC Entertainment. As of June 9, retail traders had poured $1.27 billion into meme stocks over two weeks, matching the GameStop-craze inflows from earlier this year.
This time around, the frenzy has expanded from meme-stock classics like GameStop, AMC, and BlackBerry, and extended to new and often lesser-known names, like e-commerce company ContextLogic, which was the most talked about stock Thursday, and iron-ore mining company Cleveland Cliffs.
Denmark’s foreign intelligence unit helped the US spy on European officials, including German Chancellor Angela Merkel, according to a report by Danish public broadcaster Danmarks Radio (DR) on Sunday.
In 2015, the Danish Defence Intelligence Service (FE) conducted an internal investigation – code-named “Operation Dunhammer” – into its partnership with the US National Security Agency (NSA), according to the report.
The investigation found that the NSA used Danish information cables to spy on senior officials in Sweden, Norway, France, and Germany between 2012 to 2014, according to DR’s report. The report cited nine unnamed sources with classified information from FE.
The NSA accessed calls, texts, and chat messages to and from officials’ telephones, the sources told DR.
In addition to Merkel, the NSA spied on former German foreign minister Frank-Walter Steinmeier and former German opposition leader Peer Steinbrück, according to the DR report.
The FE and the NSA didn’t provide comment on the DR report.
A spokesperson for the German chancellery told Reuters it only became aware of the NSA spying allegations when journalists asked them about the report, and declined to comment further.
Leaks by former NSA employee Edward Snowden alleged that the NSA tapped Merkel’s phone and spied on other countries. Snowden tweeted on Sunday that President Joe Biden was “deeply involved in this scandal the first time around” as he was vice-President when the reported spying took place.
Insider contacted the White House and the NSA for comment, but did not immediately receive a response.
Ulla Mannering and Charlotte Rimstad are used to studying textiles, not bones. Since 2018, they’ve helped reconstruct Viking-age clothing at the National Museum of Denmark by analyzing fabric from ancient burial sites. But recently, they stumbled across a box of human remains.
These weren’t your average bones, they quickly realized.
“We looked at each other and said, ‘OK, we think we have the Bjerringhøj bones actually here,'” Mannering told Insider, referring to bones from the Bjerringhøj burial mound in northern Denmark.
The gravesite likely dates back to around 970 AD. This particular set of bones is believed to have been lost for more than 100 years.
In 1868, a farmer happened upon the burial mound while collecting soil, only to discover human remains sitting atop a pile of down feathers. The deceased person, presumably a man, had been draped in wool garments woven with gold and silver threads. In his chamber were two iron axes, a beeswax candle, two wooden buckets, and a bronze kettle.
Local farmers looted the artifacts, though they were eventually recovered and sent, along with the bones, to the National Museum of Denmark. But at some point many decades ago, the bones went missing.
“We can now show that they were not really lost, but they were just misplaced in the museum,” Mannering said. “It’s a nice ending.”
Archaeological studies of the bones may just be getting started. In a new study in the journal Antiquity, Mannering and Rimstad suggest that the man was an elite – perhaps even royalty – based on the clothing and artifacts buried alongside him.
“There are so many details in this grave that place him in the absolute top part of Viking-age society,” Mannering said. “But who he was – we don’t know.”
Why did the bones go missing?
In 1986, archaeologists excavated the Bjerringhøj burial mound a second time. Before examining the site, they hunted for the lost bones in the National Museum of Denmark’s collection. But the remains never turned up, and the burial site was found to be mostly empty, save for a few fragments of textile and feathers. Researchers again combed through the museum’s collection in 2009 – but no luck.
Mannering said it’s rare for bones to simply get lost. But over the years, as the museum changed staff or moved the collection to different storage areas, it’s possible that the remains were placed on the wrong shelf and separated from the rest of the Bjerringhøj artifacts.
In her experience, she said, even archaeologists can be somewhat skittish about handling human remains, so that might explain why they wound up separated from other objects found at the site.
“Human remains like bones and skeletons and even bog bodies, though we find them fascinating today, have had a very sort of ambivalent life in many museums because they were not really considered as objects,” Mannering said. (Bog bodies are human cadavers that have been naturally preserved by acid from dead plants.)
She added: “In the past, the idea of keeping human remains as an object was against the general idea that your body has an afterlife. Even today, there are a lot of people who resent the idea that some museums exhibit bog bodies.”
Textiles suggest the man was very wealthy
To prove they’d rediscovered the lost bones of Bjerringhøj, Mannering and Rimstad used radiocarbon dating – a method that determines the age of an artifact based on how much carbon-14, a radioactive isotope, it contains. The process showed that the bones dated back to the late 10th century, around the same time that Vikings raided and colonized Europe.
The researchers also found that the textiles wrapped around the bones matched those previously discovered at the Bjerringhøj site.
In particular, woven fabric tied around a leg bone suggested that the man wore long trousers with ankle cuffs. The textiles closely resemble a pair of woven arm cuffs that were also preserved by the museum.
“He’s a very rich man,” Mannering said. “He has a lot of status symbols in his grave and his costume is really high status. He has very unusual tablet-woven bands made of silk and gold and silver threads.”
The new analysis suggests that the man was older than 30 and had knee problems, perhaps from riding horses.
Based on the textiles and an old description of the bones from 1872, past research proposed that the man may have belonged to the Jelling dynasty, a royal house that reigned over Denmark, England, and Norway in the early 11th century. But Mannering said researchers still doesn’t know whether he was a royal at all.
The bones also aren’t preserved well enough to perform a DNA analysis, so the researchers can’t confirm the man’s sex.
“The grave has always been seen as a male grave because it has the two axes – a plain iron axe and this very, very elaborately decorated axe with a silver inlay,” Mannering said.
It’s possible, though, that the bones belonged to a woman, or that a man and woman were buried together.
“We’ve brought the bones into context again,” Mannering said. She added, “Maybe in the future, somebody else will be able to do other analyses on these finds.”
J&J’s vaccine was highly effective at preventing COVID-19 in trials, but has come under scrutiny across the world following reports of rare unusual blood clots in six women aged 18 to 48 who received the vaccine in the US on April 13. At the time, 6.8 million Americans had received the single dose vaccine.
The European Medicines Agency (EMA) said on April 20 that unusual blood clots with low platelets were a very rare side effect of J&J’s vaccine. But the overall benefit of the vaccine outweighed the very low risk of blood clots, it said. European countries can make their own decisions on vaccine rollouts.
The US immediately resumed its J&J vaccine rollout on April 23 after the Food and Drug Administration (FDA) and Centers for Disease Control and Prevention (CDC) said the benefits of the shot outweighed its risks. The ruling followed a 10-day investigation.
The Danish Health Authority said that it would continue to monitor the data coming out of the US.
No Danes have received J&J’s vaccine because it was put on hold by the Danish Health Authority while they evaluated its risks.
The Danish Health Authority said that other vaccines were available, and that the COVID-19 outbreak was under control in the country. Denmark has around 760 reported new cases each day, compared with more than 4,500 daily cases in December 2020, according to Johns Hopkins University.
Banning J&J’s shot means a four-week delay in getting 20 to 39 year olds immunized, the Danish Health Authority said. The country is using COVID-19 vaccines from Pfizer-BioNTech and Moderna instead, which have had no safety concerns so far.
Denmark also stopped using AstraZeneca’s shot on April 15, following similar concerns about the risk of unusual blood clots. AstraZeneca and J&J’s vaccines use a similar technology.
“One should also bear in mind that, going forward, we will first and foremost be vaccinating younger and healthy people,” Helene Probst, deputy director general at the Danish Health Authority, said.
How would you like to be paid to have a mortgage? Maybe you should buy a house in Portugal.
Some mortgage holders actually have negative mortgage rates – meaning their banks pay them interest. The Wall Street Journal’s Patricia Kowsmann reported on the phenomenon, which was rare pre-pandemic. Rates were originally allowed that low a few years back to help bolster the economy.
But in Portugal, mortgages are increasingly seeing negative rates, a consequence of low interest rates in general across the developed world. One consumer-rights group, Deco, told the WSJ that it estimated more than 30,000 mortgages had negative rates back in 2019, but that has more than doubled now. BPI, the bank for one of the negative mortgage holders profiled, said it has paid out over 1 million pounds in interest.
The negative rates aren’t just in Portugal; some mortgage holders in Denmark are also increasingly seeing interest. However, banks there have begun administering fees for deposits; in many instances, according to the WSJ, the fees can offset the interest that the mortgage holders are receiving.
Meanwhile, in the US, prospective buyers should be prepared to pay more than the asking price, as supply stays low and goes quickly. As Insider’s Taylor Borden wrote: “It’s actually a horrible time to buy a house.”
Yes, Borden writes, American mortgage rates are low, but prices are high, effectively pushing the American dream of homeownership out of reach. Also, as the American economy has started reopening this spring, mortgage rates have gone back above 3% again, and seem likely to keep rising.
But even for the lucky mortgage holders of Portugal, it’s not all smooth sailing. One person that the WSJ spoke to, Paula Cristina Santos, has had to halt her own plans for buying a house. One reason why: The charge from her bank to get a new mortgage is just too high – and can’t compare to her current negative rate.
Denmark, Norway, and Iceland suspended their roll out of AstraZeneca and the University of Oxford’s COVID-19 vaccine as a “precautionary” step Thursday, citing concerns about blood clots in people who had received the shot.
One person in Denmark who was immunized with the vaccine died from a blood clot, the Danish Health Authority said in a statement Thursday. At this point, it’s not known whether there is a link between the vaccine and blood clots, it said.
AstraZeneca vaccine and blood clots: the stats so far
There have been a total of four reported cases in Europe of people getting vaccinated with a specific batch of AstraZeneca’s shot and then developing blood clots afterwards, according to the EMA. The batch of 1 million doses had been sent to 17 EU countries, including Denmark.
At least five countries – Austria, Estonia, Lithuania, Luxembourg, and Latvia – have suspended the use of this particular batch. Norway, Denmark, and Iceland suspended the vaccine completely.
The EMA said Wednesday that one person in Europe had been diagnosed with multiple blood clots in vessels 10 days after vaccination. It was unclear whether this was the Danish case, although by that time Austrian authorities had already reported a death.
Insider contacted the Danish health authority for clarification, and a spokesperson said that they were “not at liberty to inform on the data that we receive from other authorities, national or international.”
Another person in Europe was hospitalized with a blood clot in the lung after being vaccinated, who was “now recovering,” the EMA said.
The time-frame between getting the vaccine and developing the clot for this person was not documented.
There were two other reports of blood clots, the EMA said. No further details were provided such as age, or whether they had medical conditions that made their blood more likely to clot.
No more blood clots than in general population
The EMA said in a press release that overall, as of Thursday, there had been 30 cases amongst more than 5 million who had been vaccinated with AstraZeneca’s shot overall. There was no indication that the vaccine caused blood clots, and this wasn’t a known side effect, they said.
Professor Jon Gibbons, director of the Institute of Cardiovascular and Metabolic Research at the University of Reading, said in a statement that blood clots in the general population were relatively common, and affected an average of between one and two people per 1,000 – a higher proportion than 30 in 5 million.
“Therefore if there is any association between the vaccine and clotting, the risk is likely to be very low indeed,” he said.
Dr. Phil Bryan, the Medicines and Healthcare Products Regulatory Agency (MHRA) safety lead, said in a statement that the number of reports of blood clots received so far in the UK – where more than 11 million doses of AstraZeneca’s vaccine have been given – were not greater than what would have occurred usually in a population that size.
The UK did not receive the batch from which the four most recent reports of clots arose.
Denmark’s approach ‘super’ cautious
Stephen Evans, professor of pharmacoepidemiology at the London School of Hygiene & Tropical Medicine, said in a statement that the Danish approach was “super” cautious.
“Since we know with great certainty that the vaccine prevents COVID-19, and we are almost totally uncertain that the vaccine can have caused this problem, the risk and benefit balance is still very much in favour of the vaccine in my view,” he said.
Evans said that it was difficult to distinguish between coincidence and the vaccine’s side effects.
“This is especially true when we know that COVID-19 disease is very strongly associated with blood clotting and there have been hundreds if not many thousands of deaths caused by blood clotting as a result of COVID-19 disease,” he said.
Professor Anthony Harnden, Deputy Chair of the Joint Committee on Vaccination and Immunisation – the organization that advises the UK’s vaccine strategy – said in a statement that the public should have “confidence” that AstraZeneca’s vaccine was “safe and highly effective at preventing severe disease, including the prevention of blood clots caused by COVID-19.”
Today, Denmark said it was suspending its use of the Oxford/AstraZeneca vaccine while it was investigating several cases of blood clots among people who had received the jab. Norway followed a few hours later.
Let’s be clear. To date, all signs point towards AstraZeneca’s vaccine working and being safe. Multiple respected regulators cleared it for us, and millions of people have had the shot.
Countries have to investigate serious adverse events when rolling out vaccinates. This is not uncommon, and does not mean that the vaccine has caused the adverse event. Denmark has said the clots could be a coincidence.
Almost from the beginning, the AstraZeneca vaccine faced difficult questions over its clinical trials.
When the results came, they too caused confusion by giving two very different figures for how effective the vaccine was. It later became clear that a mistake led to half of their trial participants not receiving a full dose of the vaccine.
The vaccine efficacy it reported in its clinical trials is also lower than other vaccines. This has led to some patients in Europe and the UK, which are relying on the jab for a big part of their vaccine rollouts, to turn it down, thinking that it was not as effective.
Experts argued that the efficacy figures are not directly comparable – and that the imperative of getting out as many vaccine as possible outweighs the relatively small differences in trial results.
Another setback came as several European countries decided that they would not give the jab to those at most risk of COVID-19, those over 65.
They pointed to there not being a lot of data available in clinical trials for those over the age of 65, though some nations have started to reverse those decisions.
European nations, such as France and Germany, have since then been pushing to rebuild trust in the vaccine, but faced a difficult path.
As officials in Denmark have said, the suspension is a precaution. It may turn out that the vaccine was fine all along. But shaken confidence is hard to restore, and AstraZeneca’s already-difficult path is now a bit harder.
Conflict over land is as old as recorded history, but the world has never seen another quite like the Whisky War. Wars have been fought, violently and continuously, over the rights to territories across the globe. In the case of Hans Island, however, the two countries at odds had a different way of staking their claim.
If you’ve never heard of Hans Island, it’s probably because, well, there’s not that much to say about it. The half-square-mile island sits directly in the middle of the Nares Strait, a 22-mile-wide waterway that separates the most northern land of Canada, Ellesmere Island, and Greenland, an autonomous Denmark territory.
Hans Island itself lacks any real natural resources or territorial advantages. It’s essentially a giant rock, and the only thing that keeps perpetuating the ownership debate is the fact that it sits within the 12-mile territorial limit of both Canada and Greenland, making it close enough that each country involved can claim it under international law.
It started in 1880, when Hans Island got lost in the shuffle of the British transferring remaining arctic territories to Canada. Due to the use of predominantly outdated, 16th-century maps, the small island was not explicitly included in the transfer, and as such wasn’t even recognized until decades later.
In 1933, Greenland was declared the rightful owner of Hans Island, by the ironically named Permanent Court of International Justice. This organization was dissolved within a few years of this decision and effectively replaced with the UN, and the aforementioned ownership resolution was deemed no longer valid, so Hans was once again up for grabs.
Both World War II and the Cold War took precedence over more trivial conversations, and even after a maritime border negotiation in the early 1970s, the territory still sat simmering on the back burner.
The best part of the history of Hans Island comes in 1984, when Canadian troops visited the island and left behind something distinct to the Great White North, an erected Canadian flag, a sign that read “Welcome to Canada” and a bottle of Canadian Club whisky.
Not wanting to show up empty-handed to the party, Greenland’s minister took a trip to the island soon after, removing and replacing all the Canadian offerings with their own flag, a bottle of Danish schnapps, and a sign that read “Velkommen til den danske ø” or “Welcome to the Danish Island.”
And thus began the first chapter of one of the most neighborly and hospitable disputes (or elaborate drinking games) in history, known as The Whisky War. Since then, there have been continued trips by both sides to collect and replace the other party’s goods, and while what happens to the alcohol when it’s taken off the island has never been confirmed, the assumption is someone is out there enjoying it.
In more recent years, both Canadian and Danish representatives have called for the island to be declared a shared sovereignty, but it remains unclear if and when any official resolution to the Whisky War has been reached. Lawmakers have even cited this ongoing discourse as setting an interesting precedent or subsequently having ramifications for border negotiations, particularly international ones.
All in all, few things make for a better story than two allied countries fighting a battle over land for more than three decades with welcome signs and booze.
Editor’s Note: While the word “whiskey” is commonly spelled with an “E” preceding the “Y” in the United States, the “E” is notably absent from the word in nations like Canada, where this story takes place. There actually is a defined difference between the terms, but colloquially, they are often used interchangeably.
While not yet officially confirmed, Italian newspapers reported on December 18 that the government is due to announce a national lockdown active between December 24 and 27 and between December 31 and January 3.
“For the period from Christmas Eve to Epiphany, whether until the 3rd or 6th of January, the more restrictions there are, the better,” Francesco Boccia, Italy’s Minister for Regional Affairs, said Thursday.