CytoDyn Inc (CYDY) Stock Soars After The News: How far Can it Go?
Biotech company CytoDyn Inc (OTCMKTS:CYDY) is on the radars of investors and has jumped by 13% this morning after it announced positive results from the Phase 1b/2 trial of its product leronlimab on patients suffering from metastatic triple-negative breast cancer.
The 30 patients who were treated with the product had been part of a compassionate use initiative. In this regard, it should also be noted that the patients who had been part of the study had been administered with leronlimab in conjunction with carboplatin. Investors could do well to take a look at some of the findings from the company in the 12 month interim analysis.
As many as 72% of the patients who had been part of the trials had demonstrated a drop in cancer-associated macrophage-like cells (CAMLs) and the reduction became apparent 30 days after being first administered with leronlimab. In addition to that, it was also noticed that the CAMLs seemed to be able to identify populations which were responding to treatment by leronlimab. It goes without saying that this is a significant development for CytoDyn and its product leronlimab. It is now going to be interesting to see if the stock adds to its gains through the rest of the week.
Market Reaction:
As of 10:28, CYDY stock soared 17% at $1.66 with more than 1.70 million shares, compared to its average volume of 2.52 million shares. The stock has moved within a range of $1.4400 – 1.8000 after opening the trade at $1.44. Over the past 52-week, the stock has been trading within a range of $1.3500 – 7.4000.
