CytoDyn (CYDY) Stock Consolidates In Absence Of Any Catalyst

The CytoDyn (OTCMKTS:CYDY) stock was on the move this past Friday and in light of that, it might be one of the stocks that could make it onto the radars of many investors. The stock ended Friday with gains of 8% although there was no fresh news about the company.

CytoDyn (CYDY) Stock Consolidates In Absence Of Any Catalyst

Back in 2019, CytoDyn had emerged as a notable operator in the biotech space after it announced that its product leronlimab had got initial approval for being a combination therapy for HIV positive patients.

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That being said, it has not been particularly smooth sailing for the company in recent times. It has repeatedly found it difficult to present its product leronlimab to the United States Food and Drug Administration for approval.

At this point, the possibility of approval remains a fluid situation, and developments could emerge intermittently. In this situation, it might be a good idea for investors to keep the stock in their watch lists.

Jack Dawkins

Finance and Tech Contributor