Altimmune Tanks 35% After It Discontinues Covid-19 Vaccine Development

Shares of Altimmune Inc. (ALT) plunged 35% in extended session on Tuesday after the clinical-stage biopharmaceutical company said that its stopping development of its investigational Covid-19 vaccine AdCOVID.

The company decided to discontinue AdCOVID's development after the intranasal vaccine candidate did not stimulate an adequate immune response in healthy volunteers.

"AdCOVID appeared to be well tolerated with an overall adverse event profile similar to intranasal saline placebo. The immunogenicity data demonstrated lower than expected immune responses for each of the immune parameters tested," the company said in a statement.

The company said that antibodies were detected in a subset of subjects, but the response and the percent of subjects responding to AdCOVID were substantially lower than what had been demonstrated for other vaccines already authorized for emergency use.

"The immune response to AdCOVID was inferior to that seen in our NasoVAX influenza vaccine trial," commented Scot Roberts, PhD, Chief Scientific Officer at Altimmune. "Unlike the NasoVAX study, the AdCOVID study population lacked immunity from prior infection or vaccination. We believe that prior immunity in humans may be important for a robust immune response to intranasal dosing with AdCOVID."

The company also decided to terminate further enrollment and evaluate options for future T-COVID development following an assessment of the available data.

ALT closed Tuesday's trading at $15.90, down $0.40 or 2.45%, on the Nasdaq. The stock, further slipped $5.72 or 35.97%, in the after-hours trade.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Sturtevant, Wisconsin-based BRP U.S. Inc. is recalling around 20 models of Side-by-Side vehicles citing fire risk, the U.S. Consumer Product Safety Commission. The recall involves about 34,400 units of Model Years 2020 and 2021 Can-AM Defender HD10 side-by-side vehicles. While reporting financial results for the second quarter on Friday, technology company Honeywell international Inc. (HON) raised its adjusted earnings and sales guidance for the full-year 2021, based on the second-quarter performance and management's outlook for the remainder of the year. For fiscal... Shares of Vodafone Group Plc were gaining around 2 percent in the morning trading in London after the British telecom major reported higher revenues in its first quarter. Looking ahead, the company said it is on track to deliver fiscal year 2022 guidance, with Adjusted EBITDAaL expected to be between 15.0 billion euros - 15.4 billion euros and Adjusted free cash flow of at least 5.2 billion euros
Follow RTT