CytoDyn (OTCQB:CYDY -8.8%) is under early pressure on the heels of a report from
STAT’s Adam Feuerstein questioning management’s motives behind its
aggressive promotion of leronlimab for the treatment of COVID-19
patients.
The company has released a blizzard of press
releases (~26 since the first of March) while CEO Nader Pourhassan has
appeared on a range of financial news shows touting the potential of the
CCR5 inhibitor to treat the respiratory infection. Two studies are
underway, one in mild-to-moderately ill patients and one in critically
ill patients.
The stock broke out on March 27 after it announced
that four COVID-19 patients with respiratory complications treated with
leronlimab experienced near-normal immune profiles with improved
cytokine levels. Shares have rallied three-fold since then.
A regulatory filing
posted on Thursday, April 30, disclosed the potential sale of up to
~46.4M common shares by current investors, including 2.0M shares by Mr.
Pourhassan pursuant to warrant exercises. He also apparently plans to
sell an additional 2.8M shares, trimming his ownership stake by half.
https://seekingalpha.com/news/3568282-cytodyn-down-9-ceo-sells-stock-while-touting-covidminus-19-drug
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