Not too long ago, the CytoDyn (OTC: CYDY) stock had been seen as a viable coronavirus play by many investors due to its work on a COVID-19 medicine.
However, things have changed quite dramatically in recent times, and the stock’s performance this month has been quite poor. The CytoDyn stock has tanked by as low as 50% so far this month and that might have been triggered by an announcement from the company earlier on this month.
CytoDyn recently released critical data with regards to its product Leronlimab but the numbers proved to be underwhelming. More importantly, the numbers failed to hit the all-important endpoints. In such a situation, it is easy to see why the stock performed so poorly this month. It was a significant setback for CytoDyn. However, it now remains to be seen if the company makes further announcements that might come as a boost for the stock.