The coronavirus pandemic may have been bad for the stock market overall, but it has managed to fire up some stocks which are involved in developing medicines, vaccines, or tests for it. One such stock is that of CytoDyn Inc (OTCMKTS:CYDY), which has recorded impressive gains over the past days.
on Tuesday, CytoDyn announced that the United States Food and Drug Administration had given permission for the Phase 2 trial of its experimental product leronlimab on patients suffering from coronavirus. The medicine has been proposed as a treatment for patients suffering from milder or moderate respiratory problems owing to the coronavirus.
The news is a major positive for the company and its quest to use leronlimab to treat coronavirus. After the news broke yesterday, the CytoDyn stock soared by as much as 15%, and it remains to be seen whether it can extend its gains further through the week.
That being said, it is almost certain that the stock is going to be in focus among investors today. On Monday, the CytoDyn stock had already recorded gains of as much as 90%. The stock rallied as impressively yesterday after the company had made a similarly important announcement.
CytoDyn announced on Monday that is medicine leronlimab had been used to treat three seriously ill coronavirus patients in New York. That brought the count of the total number of patients treated with the medicine to 10. The medicine in question is primarily meant for treating certain types of breast cancer and HIV.
However, the medicine is now being given to patients suffering from coronavirus as part of a provision for an emergency Investigational New Drug Application devised by the FDA. The patients in question are being treated at a well-known hospital in New York. It is a major development for the company and could lead to further usage of the product as the coronavirus pandemic intensifies in the United States.