The coronavirus pandemic unleashed chaos all over the world and also in the markets, however, some biotech companies working on treatments for coronavirus patients saw their stocks soar.
One such company is CytoDyn Inc (OTCMKTS:CYDY), which has been working on its product leronlimab that is meant for the treatment of such patients.
On Monday, CytoDyn Inc (OTCMKTS:CYDY) went on an impressive rally and soared by as much as 20% on the back of a significant announcement from the company last week. It hit its highest level in four months and took its gains over the course of the past three weeks to 155%.
Back on December 17, the company announced that it completed its enrolment for the Phase 3 registrational study with regards to the possibility of using leronlimab as a treatment for patients with severe to critical COVID 19 symptoms. It goes without saying that it is a significant milestone for CytoDyn and the excitement among investors is understandable.
In total, the company has enrolled as many as 390 patients for this study and the data is going to be analyzed by experts over a period of 28 days. It has also been revealed that the results of the study are going to be released by CytoDyn at some point in the middle of January in 2021.
CytoDyn Inc (OTCMKTS:CYDY) has been one of the better performers this year so far and has recorded gains of as much as 246%. It is a highly impressive performance considering the fact that the wider industry grew by only 2.5% so far in 2020.
Earlier in October this year, CytoDyn continued to work on the study with the goal of hitting the primary endpoint after a review and recommendation from the DSMC (Data Safety Monitoring Committee). The DSMC provided its recommendation after going through the data related to 195 patients.
Disclosure: We hold no position in CYDY stock.