CytoDyn (CYDY) Finally Moves Up After The Recent Weakness: Will It Continue?

Over the course of the past year or so, many companies have emerged which are regarded as ‘coronavirus plays’ due to their work on medicines meant for treating coronavirus patients.

CytoDyn (CYDY) Finally Moves Up After The Recent Weakness: Will It Continue?

One such company is CytoDyn Inc (OTC: CYDY) and on Tuesday, it soared by as high as 32% after having fallen sharply over the course of the past month. The company has developed its COVID 19 medicine known as leronlimab and yesterday, it announced the results from the CD 12 trial of the same.

The trial was conducted on patients who displayed severe to critical symptoms of COVID 19 infection. However, one of the most important findings from the study was the fact that mortality in patients was reduced by as low as 82%. That is a significant development and one that has possibly been one of the major triggers behind the rally in the stock yesterday. At this point, it might be a good move for investors to keep the stock on their watch lists.

Richard McEntire

Finance and Entertainment ReporterRichard is a bottle of wine - the older the sweeter. He has already found the sweetest hobby in writing entertainment and finance news for Own Snap. Readers get the updated posts regularly from him searching for real-time news.