Is CytoDyn Inc (CYDY) Stock in Breakout Zone Now?

The CytoDyn Inc (OTCMKTS:CYDY) stock may have displayed considerable volatility in recent weeks but on Friday it emerged as one of the notable gainers. There was no news about the company yesterday but the stock managed to clock gains of as much as 12.50%.

Is CytoDyn Inc (CYDY) Stock in Breakout Zone Now?

However, at the same time, it might be a good idea for investors to perhaps take a look at a key development from April 23. At the time the company announced that it signed a securities purchase agreement with the accredited investor Uptown Capital LLC for a secured convertible note with a two-year maturity.

Related:  Soaring Stock To Consider: Corvus Pharmaceuticals (NASDAQ: CRVS)

The transaction is going to provide CytoDyn with a capital injection of $28.5 million straightaway. That infusion of fresh capital might have been one of the reasons behind the positivity around the stock on Friday. CytoDyn aims to use fresh capital for working capital needs. It now remains to be seen if the stock manages to hold on to its momentum in the new week.

 

Alex Krakowsky

Editor in Chief. Living in the era of dynamic tech change Alex decided to stay tuned in changes that make any person find comfort and adapt to new devices. Furthermore, gaming became his passion for spending leisure time with his close ones. Although, he has a degree in Business Administration (majoring in Finance) writing for technology and as well as finance has been one of the precious aspects of his life