CytoDyn Inc (OTCMKTS:CYDY) has been on the radars of many investors in recent times due to its work related to the development of the product leronlimab, which could be used for treating multiple conditions.
Market Action:
On Wednesday, CYDY stock moved down 6.47% at $1.3000 with more than 6.09 million shares, compared to its average volume of 2.17 million shares. The stock has moved within a range of $1.2700 – 1.4065 after opening the trade at $1.3900.
Major News
The CytoDyn stock has performed poorly in recent days and it continued yesterday as the stock slid by another 7%. That took its losses for the past week to as much as 14%. There was no news about the company yesterday but on October 25 the company announced that the first COVID 19 patient in Brazil had been treated with leronlimab as part of the vital Phase 3 trial of the product.
The medicine had been administered to a patient who was critically ill from COVID 19 infection. It goes without saying that it was a major development for CytoDyn but it did not bring any degree of optimism among investors.
However, at the same time, it is necessary for investors to keep in mind that the company will be conducting an interim analysis of the same 28 days after the enrolment of a total of 127 patients is completed. At this point in time, it might be a wise move to keep the stock in your watch lists.
