CytoDyn (CYDY) Stock Moves Down Near To New Lows: Time To Sell?
The CytoDyn Inc (OTCMKTS:CYDY) stock has not had a great time in recent days and now the stock is trading near its lowest levels in 52 weeks. The current situation has possibly been triggered by a derivative action that has been brought against the company’s directors and officers by a shareholder.
The derivative action is related to the company’s product leronlimab. The complaint alleged that since the company started touting leronlimab as a treatment for COVID 19, the stock soared considerably.
More specifically, the shareholder stated that a partner at CytoDyn had announced during the course of an interview that the company is going to be moving ahead with the United States government program related to fast tracking treatments for viruses. However, some days later it emerged that CytoDyn was not under consideration to be a part of the program, known as Operation Warp Speed. The stock dropped like a stone after the emergence of that news.