One of the stocks to have performed rather strongly this week so far is that of the biotech company CytoDyn Inc (OTCMKTS:CYDY). The company, which is best known for having developed the product leronlimab, saw its stock clock gains of 14% yesterday after having soared by as much as 16% the day before.
The rally is being driven by the announcement of highly positive preliminary results from the Phase 1b/2 trial of cancer patients who had been treated with a combination of leronlimab and carboplatin. It is a major development for the company and the rally in the stock is understandable to a certain degree.
The patients in question had been suffering from metastatic triple-negative breast cancer. The data showed that as much as 72% of the patients who had been a part of the study demonstrated a drop in cancer-associated macrophage-like cells.
The drop had been observed after the patients had been treated with leronlimab for around 30 days. In this regard, it is also necessary to note that the company claims that leronlimab can treat multiple conditions and has also been touted as a potential treatment for COVID 19 patients. Investors could do well to track the CytoDyn stock this week.
Market Reaction:
On Tuesday, CYDY stock surged 14% at $1.89 with more than 3.38 million shares, compared to its average volume of 2.58 million shares. The stock had moved within a range of $1.7000 – 1.9000 after opening the trade at $1.80. Over the past 52-week, the stock has been trading within a range of $1.3500 – 7.4000.
 Stock Extends Rally: More To Come?){kind=link}