Companies like CytoDyn Inc (OTCMKTS:CYDY), that are working on medicines or vaccines for tackling the coronavirus pandemic, have been in focus over the past few months. The biotechnology company is working on the development of its much-anticipated product Leronlimab, which has the potential for a range of therapeutic indications.
The product in question is being considered as a potential treatment for patients suffering from mild to moderate symptoms of COVID 19. Back on September 22, the company announced the commencement that the Phase 2 study into Leronlimab will be presented at the Special isirv-Antiviral Group Conference on ‘Therapeutics for COVID-19.
The event was funded by the International Society for Influenza and other Respiratory Virus Diseases. It started on October 6. It is a significant development and it might have been the trigger behind the rally in the CytoDyn stock last week, but can it hold the gains?
The stock rallied by 30% over the course of the past week, and it goes without saying that it may be worthwhile for investors to keep CytoDyn stock. It remains to be seen if CYDY can maintain the momentum after the three-day conference ended.
Chief Executive Officer of CytoDyn Nader Pourhassan spoke about the acceptance of the second phase study of Leronlimab in the highly regarded conference. He said that the acceptance shows that there is a degree of acceptance with regards to the potential of Leronlimab as a treatment for those suffering from symptoms of COVID 19.
It should be noted though that in the Phase 3 trials the company is going to test the efficacy of Leronlimab on those patients who are suffering from severe to critical symptoms of COVID 19. The phase 2 study had been completed by CytoDyn back in July.