The CytoDyn Inc (OTCMKTS:CYDY) stock was in the middle of a tough phase yesterday and declined by as much as 10% as investors headed for the exits. However, it should be noted that there was no news about the company yesterday that could have resulted in this selloff.
As a matter of fact, earlier on this week the company made a fairly positive announcement with regards to its product leronlimab. On July 6, CytoDyn announced that its product leronlimab was granted a key patent by the United States Patent and Trademark Officer. The patent in question was related to the ways of treating patients suffering from coronavirus infection.
The patent now belongs to CytoDyn and the company is going to be protected by this particular patent up until June 15, 2040. With respect to this piece of news, it is also necessary for investors to keep in mind that the Patent and Trademark Officer also gave priority to the patent application from CytoDyn.
However, it was not a case of any favourable treatment. The patent was fast tracked under the provisions of the COVID-19 Prioritized Examination Pilot Program that has been launched by the Patent and Trademark Officer.
Market Reaction:
On Wednesday, CYDY stock fell 10% at $1.52 with more than 2.29 million shares, compared to its average volume of 2.68 million shares. The stock had moved within a range of $1.5200 – 1.7000 after opening the trade at $1.67. Over the past 52-week, the stock has been trading within a range of $1.5200 – 7.4000.
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