CytoDyn Inc (OTCMKTS:CYDY) Stock Rockets 90% in a Week on technical Breakout
It has been a decent few months for biotech and pharma companies who have been working on tackling the coronavirus pandemic. One of the companies that have been working on a medicine for treating patients suffering from COVID 19 is CytoDyn Inc, and this week, its stock has performed impressively.
Leronlimab Holds Key
The company has developed a medicine known as leronlimab for treating patients with mild to moderate symptoms of COVID 19 and earlier this month. It announced that it managed to successfully enroll as many as 75 patients for its Phase 2 clinical trial.
It goes without saying that it is a major milestone for CytoDyn and the stock has suitably rallied as well. The stock has rallied by as much as 90% over the course of the past week and it could be worthwhile for investors to keep a close eye on the developments. The company is going to conduct a randomized trial and will evaluate the improvements in the wide range of symptoms that are displayed by patients suffering from the COVID 19 virus.
The evaluations in question are going to take place over a period of 14 days, and back on June 11, CytoDyn had revealed that the results were going to be available in two weeks’ time.
The company has also stated that the final tally is probably going to be over 75. In addition to that, the company has also stated that it is going to do an analysis of the data from patients who are suffering from severe symptoms of COVID 19. The company is also going to move ahead with the Phase 2b/3 of the randomized trial mean for the above-mentioned patients.
It should be noted that the United States Food and Drug Administration has already awarded leronlimab fast track designation for treating metastatic triple-negative breast cancer as well. In addition to that, it has also been designated as a product that can be used in combination treatment for HIV patients.
However, that is not all. The company also released a positive update with regards to leronlimab earlier this month and the FDA. CytoDyn announced that it had been intimated by the FDA that July 10 is the date on which the agency will reveal the completion timeline for the biologics license application (BLA) review of leronlimab.
In other words, CytoDyn is going to be issued with a Prescription Drug User Fee Act date, which will represent the date on which the goal date for completion is going to be conveyed. It is a major milestone for the company as well, and the optimism around the stock is understandable. Investors could do well to keep an eye on the developments.
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