CytoDyn (CYDY) Stock Gains Momentum: Is it A Bullish Sign?

Late stage biotech company CytoDyn (OTCMKTS:CYDY) was in focus among investors on Tuesday and jumped by as much as 8% after the company made a major announcement with regards to its COVID 19 treatment leronlimab.

Yesterday the company announced that Philippines company Chiral Pharma Corporation put in a purchase under for the product leronlimab under the provisions of the Compassionate Special Permit. The permit is meant for the treatment of patients who are critically ill from COVID 19 infections.

It goes without saying that it is a major development for CytoDyn and the optimism among investors was perfectly understandable. The revenues generated from this Chiral Pharma purchase order are going to be realised once the order is fulfilled. The CytoDyn stock has been in sharp focus among investors ever since the United States Food and Drug Administration awarded it Fast Track designation for leronlimab. It is now going to be interesting to see if the stock can continue to add to its gains today.