Strong preliminary results from the trial of a product can often be a major positive trigger for a biotech company’s stock and that seems to have been the case with the CytoDyn Inc (OTCMKTS:CYDY) stock this past week.
On Friday, the CytoDyn stock may have actually tanked and gone down by as much as 7%, but it should be noted that it ended the week with gains of 18%. Last week the company announced that the preliminary results from the Phase 1b/2 trial and compassionate use study of its lead candidate leronlimab were positive.
The product had been administered to a total of 30 patients who had been suffering from metastatic triple-negative breast cancer as part of the compassionate use trial.
In this phase, the product was administered to patients in combination with carboplatin in order to treat the breast cancer patients. It was announced that as many as 70% of the patients demonstrated positive changed in their conditions and that is a significant number. Hence, it is no surprise that CytoDyn stock emerged as one of the major gainers last week. It is now going to be interesting to see if the stock can shrug off the decline on Friday and go on another rally.
Market Reaction:
On Friday, CYDY stock fell 7.50% at $1.66 with more than 1.58 million shares, compared to its average volume of 2.62 million shares. The stock had moved within a range of $1.6500 – 1.8000 after opening the trade at $1.74. Over the past 52-week, the stock has been trading within a range of $1.3500 – 7.4000.
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