CytoDyn Inc (OTC: CYDY) stock continues to move higher the third consecutive session and has gained over 20% since Thursday. At the time of writing CYDY stock is up by 5.35% at $3.46, after hitting a session high of $3.55.
CYDY was the hottest biotech penny stock in 2020 when the stock went up from $3 to $10 in a matter of two weeks. However, the stock topped out in June 2020 and since then showing a very volatile move. Last week, CytoDyn’s chief scientific officer Mahboob Rahman, M.D., Ph.D., left the company just six months into his tenure at the biotech and after a flopped COVID-19 trial.
Rahman came on board last October from Mesoblast, Australian biotech that recently teamed up with Novartis for a stem cell therapy approach to COVID-19, though it flopped a key trial a few months back. Considering, the recent move, CYDY stock faces a strong hurdle at around $4 and support at around $2.40. Keep an eye on CYDY stock in coming sessions.