CytoDyn (CYDY) Stock Falls 10%, But Quickly Recover: Bottomed Out?

The CytoDyn Inc (OTCMKTS:CYDY) stock is showing a very volatile move on Tuesday as the stock opened lower by over 10% but quickly turned green. The stock is now up 6% at $2.16.

CytoDyn (CYDY) Stock Falls 10%, But Quickly Recover: Bottomed Out?

This morning the company announced that it is aiming to submit the top line report in relation to the CD12 Phase 3 trial of its product leronlimab for patients with severe to critical symptoms of COVID 19 infection. The submission is going to be made to a range of regulatory agencies and is not only going to be limited to Philippines and India.

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On Monday, the CytoDyn got a major setback after the United States Food and Drug Administration issued a public rebuke to the company for cherry picking data from the CD10 and CD12 clinical trials. After the news emerged, the CytoDyn stock suffered from a selloff and the stock tanked by 27%. The FDA stated that the data did not support the claims of the benefits of leronlimab for patients suffering from COVID 19.

Anthony Gonzales

Biotech, Tech, and Crypto reporter Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.