Over the course of the year so far many companies have come into focus among investors due to its work on products meant for tackling the coronavirus pandemic and one such company is CytoDyn Inc (OTCMKTS:CYDY).
Over the course of the past week the CytoDyn stock has come back into focus among investors following a major development.
The stock has rallied by as much as 50% over the course of the past week and it could be worthwhile for investors to perhaps take a closer look at the latest news.
The company’s product leronlimab, which is also being tested as a treatment for COVID 19 patients, is at the centre of the latest developments.
Last Thursday, the company that it successfully enrolled the very first patient for the Phase 2 study of leronlimab as a potential treatment of NASH (nonalcoholic steatohepatitis). NASH is a well known and chronic condition of the liver. The preclinical study that has been conducted into leronlimab has shown that it could help in the treatment of NAFLD (nonalcoholic fatty liver disease).
That is a significant update considering the fact that NASH is often preceded by NASH in patients. This particular update may have been the main reason behind the renewed interest in the stock this past week.
The possibility of using leronlimab for treating patients suffering from coronavirus infection has also proven to be a major trigger for the stock. Over the course of 2020 so far, the stock has rallied by as much as 147% and that is particularly notable since, during the same period, the rest of the industry has recorded a 2% decline.
The results of the Phase 2 study into the possibility of leronlimab as a treatment for COVID 19 produced positive results as well. In this regard, it is also necessary to point out that CytoDyn is also trying to develop leronlimab as a potential treatment for different forms of cancer.
Disclaimer: We hold no position in CYDY stock.