CytoDyn Inc (CYDY) Stock Unable To Sustain At Higher Level: Here is Why
After having gone through a pretty rough week, the CytoDyn Inc (OTCMKTS:CYDY) stock managed to make a bit of a recovery on Friday. Last Friday, the stock went up by 7%, however, that was not enough to save the CytoDyn stock from recording a 10% loss for the week.
This morning investors might be interested in the fortunes of the CytoDyn stock and hence, it might be a good move to track it. There was no much news about the company last week but in this context, it might be a good move to take a look at development from earlier on this month. This relates to the five-day proceedings that took place between ProstaGen and CytoDyn, which was related to 3.1 million CytoDyn shares that were held in escrow for some indemnities.
However, in relation to this situation, it was announced earlier in the month that a direct financial obligation had been created that is going to stay off the CytoDyn balance sheet.
Back on June 21, the company had also made a key announcement with regards to its product leronlimab, which has the potential of treating multiple conditions. CytoDyn revealed the preliminary results after it managed to unblind the necessary data from the clinical trial related to the treatment of COVID 19 patients. During the course of the trial, the efficacy and safety of the product were being ascertained. The publication of these results proved to be another considerable boost to the company.
CytoDyn Inc (CYDY) Stock Reaches Towards New Low: What’s The Buzz?
In recent times, CytoDyn Inc (OTCMKTS:CYDY) has not had a particularly great time in the markets and that has been reflected in its share pice as well. Over the course of the past week, the stock has tanked by as much as 14% and it is a situation in which, it is probably important for investors to figure out if this might be an opportunity to get into the CytoDyn stock.
A look at some of the latest developments with regards to the company might provide a better idea. Yesterday, the company announced that some of its highest-ranking executives included Nader Pourhassan, the President and Chief Executive Officer, are all set to host a webcast for the investment community on June 21, 2021.
At this particular webcast, the company’s management is going to have a discussion on the data from the long hauler’s COVID 19 trial. In addition to that, the management will also provide updates with regards to the COVID 19 trials that are going on in other countries. The company has come into prominence in recent times due to its product leronlimab, which has been presented as a potential cure for COVID 19 infection.
Earlier on this month, the company had announced that the Philippines company Chiral Pharma Corporation had placed the first purchase order for CytoDyn’s leronlimab.
The order had been placed by Chiral Pharma under the provisions of the Compassionate Special Permit which is meant for treating critically ill COVID 19 patients in the Philippines. It was also announced that once the order is fulfilled, the revenues in relation to this order are going to be realized by CytoDyn. It goes without saying that it is a major development for the company and it is going to be interesting to watch if CytoDyn manages to garner more orders in the coming months.