Is CytoDyn Inc (CYDY) Stock a Good Buy Near 52-Week Low?

There was a time when the CytoDyn Inc (OTCMKTS:CYDY) stock had delivered considerable gains to its investors but over the course of the past month it has performed poorly.

During the course of the period, the stock has tanked by as much as 17% and it might be a good move for investors to see if it might be an opportunity to get into the stock. The company is currently best known for its product leronlimab and yesterday it emerged that CytoDyn sent in a dose justification report for the product to the United States Food and Drug Administration. It should be noted that the company is going to follow it up with an official investigational drug application for the same.

This submission of the dose justification report for leronlimab is an important step in the entire resubmission process related to the Biologics License Application (BLA). The BLA is going to be necessary for the company since it seeks to get approval for leronlimab as a combination therapy for people suffering HIV infection.

At the same time, the company will be free to investigate the possible application of leronlimab for the treatment of other conditions. While the stock has declined in the past month, it might still be worthwhile to keep it in the watch lists.

Market Reaction:

On Thursday, CYDY stock ended flat at $1.70 with more than 747k shares, compared to its average volume of 2.96 million shares. The stock has moved within a range of $1.6600 – 1.7300 after opening the trade at $1.69. Over the past 52-week, the stock has been trading within a range of $1.6200 – 7.4000.