What happened Shares of Orphazyme (NASDAQ: ORPH) skyrocketed 24.6% as of the market close on Wednesday after rising as much as 56.6% earlier in the day. The big gain came after the drugmaker announced that Goldman Sachs (NYSE: GS) temporarily increased its stake to 5.58% on Jun. 16, 2021, but then reduced its position to less than 5% the following day. So what What does the "major shareholder announcement" made by Orphazyme today mean for investors? Pretty much nothing. Image source: Getty Images. It would be one thing if a major investment firm like Goldman Sachs had materially increased its position in Orphazyme and held on to the shares. That could have at least hinted that the small drugmaker's prospects were improving. However, in this case, Goldman Sachs' move was only temporary. More importantly, Goldman Sachs briefly increased its stake in Orphazyme before the announcement on Jun. 18 that the U.S. Food and Drug Administration (FDA) didn't approve arimoclomol in treating rare disease Niemann-Pick Disease Type C (NPC). This FDA rejection was a huge setback for Orphazyme and caused the biotech stock to plunge last week. Now what Orphazyme still hopes to win European approval for arimoclomol in early 2022. The company is also evaluating a potential path to still move forward with seeking FDA approval for the experimental drug. 10 stocks we like better than Orphazyme A/SWhen our award-winning analyst team has a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* They just revealed what they believe are the ten best stocks for investors to buy right now... and Orphazyme A/S wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of June 7, 2021 Keith Speights has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source