After climbing 24.76%, CytoDyn Inc. (OTCQB: CYDY) closed the last trading session at $3.9800 to bring its market cap to $2.44B. Recently, 9.63M shares of the CytoDyn stock were traded, exceeding the 4.79M shares traded on an average daily basis.
Further, the CYDY stock has been trading at a price range of $3.28 to $4.03 per share. CYDY has a market cap of $612.60 million compared to a float of $430.78 million. After positive results of the First Injection of Leronlimab in the Philippines, the CYDY stock surged.
So, what happened?
With leronlimab, a novel humanized monoclonal antibody targeting the CCR5 receptor, CytoDyn is developing innovative treatments for multiple therapeutic indications. The ability of HIV to enter and infect healthy T-cells appears to be dependent upon CCR5. Additionally, the CCR5 receptor has been implicated in tumor metastasis and certain immune-mediated illnesses, including GvHD and NASH.
CytoDyn announced yesterday that the first patient in the Philippines who received a 700mg injection of Vyrologix under a medical doctor’s request for a compassionate special permit to treat COVID-19 was significantly improved 35 hours after receiving the injection.
During the 10-day CSP patient’s stay, dexamethasone, tocilizumab and multiple doses of oxygen were given, and the patient did not improve at all. The physician administering the leronlimab subcutaneous injection reported that after 35 hours of treatment, the patient was able to breathe on his own. He was discharged from the hospital on April 3 after receiving treatment.
What will be achieved?
CytoDyn (CYDY) has seen success with two first-in-human Phase 3 trials with COVID-19 patients and is currently conducting a Phase 3 trial for critically ill COVID-19 patients who are mechanically ventilated. The current incident will also greatly assist CYDY in the trials that are about to follow.