Biotech company CytoDyn Inc (OTCMKTS:CYDY) is in focus today and has already rallied by 7% so far. The stock rallied this morning after the company announced the preliminary results from the COVID 19 long haulers clinical trial conducted on its product leronlimab.
It is a significant development for the company considering the fact that the study had been conducted in order to ascertain the effectiveness and safety of using leronlimab. The Chief Operating Officer and the Head of Clinical Development of the company spoke about the matter this morning. He stated that everyone at CytoDyn is pleased with the preliminary data from the trial.
He went on to state that leronlimab managed to bring about better improvement in patients with regards to as many as 18 out of the total 24 COVID 19 infection symptoms when compared to placebo. Hence, it is clear to see why investors seem to be quite optimistic with regards to the stock this morning.
That being said, it is also necessary to keep in mind that the Chief Executive Officer of the company, Nader Pourhassan also stated that the company is going to need guidance from regulatory bodies both in the United States and abroad before it can move forward.
As of 11:02, CYDY stock jumped by 3% to $1.96 with more than 1.14 million shares, compared to its average volume of 3.20 million shares. The stock has moved within a range of $1.8201 – 1.9800 after opening the trade at $1.93. Over the past 52-week, the stock has been trading within a range of $1.6300 – 10.0100.