CytoDyn (OTC: CYDY), a developer of AIDS/HIV treatments, saw a $0.04, or 5.3%, increase today after slipping from $1.10 on July 5, 2012 to $0.76 at the closing bell yesterday. The stock opened at $0.80 this morning and went as high as $0.83 before dipping down to $0.76 and closing at $0.80. The stock reached its highest point of $4.40 on December 6, 2011. The stock had spiked from $2.75 to $3.55 to $4.40 before dropping back down to $2.60 in just a matter of days. The stock has experienced many ups and downs since then. It experienced a low point yesterday, when it closed at a 52-week low of $0.76.
Today’s trading volume met a 52-week high. CytoDyn’s trading volume was up by almost 13 times above the average of 31,761 shares, with 406,788 shares traded today. There have been several days this year in which the volume has exceeded 200,000 shares, but for the most part, trading volume has been around 40,000 shares.
CytoDyn, based in Lutz, Florida, manufactures HIV and AIDS treatments under the Cytolin name, which means cell line, the material it comes from. The company uses monoclonal antibodies, one of the biggest opportunities in the biotechnology sector, to create treatments.
On April 13, 2012, CytoDyn announced it was engaging in the services of The Trout Group to provide investor relations services. On April 6, 2012, CytoDyn announced plans to purchase a 10,000 sq. ft. office building, a 6,500 sq. ft. warehouse and 3.6 acres of land for $1.7 million. The deal was later terminated on May 2, 2012 because of unresolved issues pertaining to the property.
On May 16, 2012, the company announced plans to move forward with its new CytoFeline antibody. The company, along with its subsidiary, CytoDyn Veterinary Medicine LLC, completed production of a sufficient amount of CytoFeline in order to move it along in the next stage of research. When the antibody is fully purified, CytoDyn Veterinary Medicine will conduct tests in cats to see how well the antibody reduces viral loads in cats infected with Feline Immunodeficiency Virus. The company has chosen experts at Colorado State University to continue on with the research.
The company has not announced any activity since then, so it’s not generating any newsworthy buzz. It hasn’t been promoted by any penny stock newsletters, so perhaps a continued increase in stock market activity will get this company moving in the right direction. The company is creating an innovative development in medical technology, but will it be enough to propel the company’s stock? We shall see what tomorrow holds for CytoDyn.
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