CytoDyn, Inc. (OTCMKTS: CYDY) stock price recently saw a notable rise as it began its recovery from last year’s scandals and the overall difficulties that struck the financial market. The company has last seen a price surge back in July and August 2022, when it skyrocketed from $0.39 on July 13th to $1.23 on August 4th, which was the highest point that CYDY managed to reach in 2022. After that, however, the company’s stock corrected, spiraling down throughout the second half of the year, eventually hitting its lowest point in 2022 on December 22nd, as it crashed to $0.19.
While the second part of 2022 was marked by a steady and consistent decline, the situation has taken a turn with the arrival of 2023. The first two and a half months of the new year have been rather rewarding for CytoDyn, at least as far as the stock price is concerned.
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The firm has seen the rise of CYDY price, which managed to climb back up to $0.3396 by February 22nd. After correcting for the rest of the month, the stock price bounced back up with the start of March, climbing up even further to $0.46 by March 8th. Over the weekend, however, it started seeing a mild correction again, which brought it down to its current value of $0.4075.

CytoDyn, Inc. (OTCMKTS: CYDY) has been making headlines throughout 2022, and for the most part, the events that surrounded the company were negative. The company’s now-former CEO, Nader Pourhassan, was found to be a part of a scheme meant to defraud investors of the Vancouver-based firm. The scheme revolved around false and misleading representations and omissions regarding the company’s development of a drug candidate to treat HIV and later on, COVID-19, as well. The FDA’s Office of Criminal Investigations said:
The conduct alleged in these charges erodes public trust in the safety and effectiveness of medical products, including drugs. The FDA would like to extend our thanks to our federal law enforcement partners for sending a strong message to biotechnology executives and others that these types of actions will not be tolerated.
According to reports, Pourhassan, who lives in Lake Oswego, was collaborating on the scheme with Kazem Kazempour of Potomac, Maryland. Pourhassan was originally ousted in January 2022, and is facing a maximum penalty of 20 years in prison on all counts of securities and wire fraud, as well as five years on a conspiracy count, if the court finds that he was guilty. The US SEC also charged him with insider trading and fraud, as he provided shareholders with misleading information regarding the progress of the company’s drug. The company itself condemned its former CEO, stating that it is not responsible for its actions. However, many in the financial community were outraged by this stance.
In January 2023, Nader Pourhassan also filed a lawsuit against his former company, demanding that his former employer covers his attorney’s fees, as well as other expenses that he suffered while defending himself against the mentioned charges.
Another interesting development came last week when CytoDyn decided to provide disclosure of unregistered sale of equity securities because, as of March 2nd, 2023, the unregistered sale of securities — that were previously not reported — in the aggregate managed to exceed 5% of te shares of the company’s common stock outstanding as of February 28th of this year.
The company concluded a private offering to accredited investors using a placement agent, which commenced earlier this year in January. Reports say that each unit consisted of a single share of common stock and one warrant to buy one share of common stock. The price per unit was $0.23, and between February 28th and March 3rd, the firm received binding subscription agreements, which totaled $4.9 million, for the purchase of approximately 21.3 million units.
CytoDyn, Inc. (OTCMKTS: CYDY) is a company whose purpose is to help enhance the lives of patients that suffer from life-threatening diseases. According to its website, the firm is in late-stage clinical development of leronlimab — a CCR5 receptor antagonist — which is to be used as a platform drug for different therapeutic indications. That includes NASH, NASH/HIV, HIV, and oncology. The firm says that its mission is to alleviate human suffering and improve quality of life through collaboration and innovation. After Pourhassan was replaced as the firm’s president, his successor, Cyrus Arman, Ph.D., made headlines for his ambition, as he implemented “big plans” for leronlimab and CytoDyn.
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As for the CytiDyb stock, it has suffered a lot in light of the scandals involving the company’s former CEO. However, it seems that the change in leadership has been good for the company so far, at least as far as CYDY performance is concerned. While many are skeptical of the company and its trustworthiness following the events of 2022, its performance so far has been fairly positive. It could be that, with time, the firm could regain its lost reputation once more. We will be updating on CYDY when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CYDY.
Disclosure: we hold no position in CYDY, either long or short, and we have not been compensated for this article
Image by fernando zhiminaicela from Pixabay