Over the past few weeks, CytoDyn (OTC: CYDY) is one of the many stocks to have recorded significant gains on the back of the work done in relation to medicines for COVID 19 patients.
In the past six weeks alone, the CytoDyn stock has rallied strongly and recorded gains of as much as 120%. On Thursday, investors continued to pile on to the stock and sent it 7% higher. The strong rally in the biotech stock could be related to development from December 30 last year.
At the time the company announced that the United States Food and Drug Administration accepted the protocol for an open-label extension to CytoDyn’s Phase 3 trial for its COVID 19 medicine Vyrologix.
It is a major development for the company since hospitals that had already been participating in the trial will now be able to enroll more patients. The current trial is looking into the possibility of treating severe to critical COVID 19 patients with Vyrologix.