CytoDyn Inc (OTCMKTS:CYDY) Stock Attempts To Bounce Back After The Fall

Although the company was not in the news yesterday, the CytoDyn Inc (OTCMKTS:CYDY) stock was in focus among investors yesterday and ended up with gains of as much as 2%. In this situation, it might be a good move from investors to consider taking a look at some of the events from the past in order to make up their minds about the CytoDyn stock.

Trading Data

On Wednesday, CYDY stock  jumped 3% to $1.03 with more than 2.69 million, compared to its average volume of 2.42 million shares. The stock has moved within a range of $0.9900 – 1.0300 after opening trade at $1.

CytoDyn Announces Favorable Ruling Granting Injunction Against Former CRO

The late stage biotech firm, which is currently best known for its work on leronlimab, announced on December 22 that the motion in relation to a preliminary action against NSF International Inc had been granted by the United States District Court of Maryland.

In this regard, it is perhaps also necessary to keep in mind that Amarex Clinical Research, a subsidiary of NSF International, has also been named in the motion. Amarex Clinical Research is a contract research organisation and has been involved in providing its services to CytoDyn for the past eight years.

As a matter of fact, it has been involved in a number of clinical trials from CytoDyn. In the lawsuit, it has been alleged by CytoDyn that Amarex failed to fulfil its contractual obligations as laid down in the agreement.

Technical Data

CYDY stock is below the 20-Day and 50-Day Moving averages of $1.07 and $1.18 respectively. Moreover, the stock is trading below the 200-Day moving average of $1.82.