Over the course of the year so far, many companies have seen their stocks soar on the back of products meant for tackling the coronavirus pandemic. One such company is CytoDyn Inc (OTCMKTS:CYDY) which rallied strongly after it came up with leronlimab for treating patients suffering from severe to critical cases of COVID 19 infection.
CytoDyn Inc (OTCMKTS:CYDY) is in the news once again after it rallied strongly this week. Since the beginning of December, the stock has gone up by as much as 100% and in the last week alone, it has made gains of 60%.
Earlier this week, CytoDyn made a major announcement with regards to leronlimab and that could have been the trigger behind the rally.
The company announced that it has completed the enrolment of patients for the Phase 3 trial of the product Vyrologix™ (leronlimab-PRO 140). The trial in question is related to the possibility of using the product to treat patients with severe to critical symptoms of COVID 19 infection.
It is a significant development for the company and it seems it fired up the interest among investors as well. According to the announcement, as many as 390 patients are going to be part of this Phase 3 trial.
The patients are going to be administered with 700 mg doses of the medicine every week. That data from the patients are going to be analyzed over a period of around 28 days and it is expected that the results are going to be published at some point in the middle of January 2021.
At the beginning of December, the company announced the launch of a Phase 2 study into leronlimab for non-alcoholic steatohepatitis of the liver. It is also known as Nonalcoholic Fatty Liver Disease (NAFLD).
The preclinical studies conducted by CytoDyn revealed that leronlimab had strong potential to treat NAFLD. Investors could consider keeping a close eye on the developments around leronlimab in the coming weeks.
Disclosure: We hold no position in CYDY stock.