The coronavirus pandemic has proven to be one of the biggest healthcare crises in history and it’s still far from over. Hence, there is a lot of focus on companies that are working on the treatment for COVID 19, and one such company is CytoDyn Inc (OTCMKTS:CYDY).
The company has been developing a product named leronlimab, which is meant for those who are suffering from mild to moderate symptoms of COVID 19, and on Monday, the company made a major announcement.
The company submitted the top line report from the Phase 2 trial of the product to the United States Food and Drug Administration. Additionally, CytoDyn also requested that the product be awarded emergency approval.
However, the market did not seem quite impressed with the results and the developments. The CytoDyn stock actually tanked by as much as 7% after the announcement was made yesterday. However, there were other important updates provided by the company that should be noted by investors.
CytoDyn announced that it has sent the report to the regulatory bodies of the European Union, Mexico, Philippines, and the United Kingdom as well. In addition to that, it is also necessary to keep in mind that the patients who had been part of the trial were twice more likely to get a higher National Early Warning Score (NEWS) score than those who had been treated with placebo.
Now coming to the actual top-line results reported by CytoDyn with regards to leronlimab, it is very important to mention that the results were clinically significant. That’s a major development and we could see the CYDY getting more attention in the coming days from investors. However, the decline in the stock price is also something that might spook investors. That being said, it could be a good idea to keep the stock in the watch lists.