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.
CytoDyn (CYDY) Stock Moves Up: Will The Bounce Back Continue?
The CytoDyn Inc (OTCMKTS:CYDY) stock has seen considerable action this week owing to the events of the week so far but on Thursday, it managed to recover a bit.
The company got a major setback earlier on this week after the United States Food and Drug Administration dished out a public rebuke to CytoDyn and alleged that it had cherry picked data in order to show that its product leronlimab was effective treatment for COVID 19 patients. Following that, the stock had crashed and had recorded declines of as much as 30%. However, on Thursday, the stock managed to mount a recover and went up by 13%.
In this regard, it is necessary to note that CytoDyn also made a key appointment this week and that might have resulted in restoring some degree of confidence among investors.
The company appointed Antonio Migliarese as the new Treasurer and Chief Financial Officer. In this regard, it should be noted that Migliarese had been serving as CytoDyn’s Vice President, Corporate Comptroller prior to this appointment. He will be replacing Michael D. Mulholland, who is going to serve as the vice president of finance at CytoDyn from on.
While this appointment seems to have been welcomed by the market, a bizarre chapter was opened in the company’s current run in with the FDA. Earlier on this week, the Chief Executive Officer of CytoDyn Nader Pourhassan urged the company’s investors to stop badmouthing and trashing the FDA. The statement from the FDA with regards to the clinical trial of leronlimab had clearly not impressed the company’s investors.
The CEO stated that all the badmouthing should be directed at him and requested investors to desist from abusing the agency in any way. The FDA had earlier stated that it had been forced to make a public statement about leronlimab primarily due to the considerable public interest in the product.