Why Is CytoDyn (CYDY) Stock Fling In The past 2 Sessions?

Yesterday, the CytoDyn Inc (OTCMKTS:CYDY) stock was in action as it ended the day with gains of 6%, and this morning, the trend has continued as the stock rallied by 11% so far.

Why Is CytoDyn (CYDY) Stock Fling In The past 2 Sessions?

The rally has been triggered by an announcement from the company with regards to the signing of an exclusive distribution and supply agreement with the Indian company Macleods Pharmaceuticals Ltd. By way of this deal, Macleods is going to get the rights to sell CytoDyn’s product leronlimab in India.

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However, that can only happen after leronlimab gets regulatory approval. Leronlimab is a product that can be used to treat patients suffering from COVID 19 infection and at this point in time, India is suffering from a crippling second wave of the pandemic. Nader Pourhassan, who is the Chief Executive Officer and President of CytoDyn, stated that at this point there is no approved product in India that could treat critical COVID 19 patients.

 

Richard McEntire

Finance and Entertainment Reporter Richard 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.