It was not a particularly great week for the CytoDyn Inc (OTCMKTS:CYDY) stock as it tanked by as much as 23% on the back of a scathing review from the United States Food and Drug Administration. In its review, the FDA stated that the company had been guilty of cherry-picking data in order to establish that its product leronlimab was an effective medication for COVID 19 patients.
The agency went on to state it is important to design the trail far more rigorously in order to determine the efficacy and safety of a product. It goes without saying that it was a major setback for CytoDyn and that was apparent in the price action in the stock last week.
That being said, it is also important for investors to keep in mind that last Thursday, the stock had actually mounted a recover and gone up by 13%. It is going to be interesting to see if the CytoDyn stock can continue on the recovery path this week.