Altimmune Inc (ALT) stock rallied on Thursday, March 11, 2021. The share went up14.83% on Thursday, and it is already 18.78% up in the Friday pre-market session as of this writing.
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Here is the reason behind its share price increased.
Expanding collaboration with Lonza for Vaccine manufacturing
ALT announced today, March 12, 2021, that they are expanding its previously-announced AdCOVID manufacturing collaboration with Lonza. According to the new terms and conditions, Lonza will commission a dedicated manufacturing suite for clinical and commercial production of AdCOVID, Altimmune’s single-dose intranasal vaccine candidate for COVID-19, at its facility near Houston, Texas.
The vice president of Product Development for Altimmune, Dr Vyjayanthi Krishnan, PhD, said that the Manufacturing capacity for COVID-19 vaccines has been severely low, and the expansion and commission of our new suite with Lonza will be building extra manufacturing capacity to support potential late-stage clinical trials with AdCOVID and potential future commercial supply.
What is AdCOVID?
AdCOVID is a COVID-19 vaccine candidate that is administered via nasal spray. Recent studies proved that AdCOVID was shown to activate systemic immunity (neutralizing antibodies and T cell responses) and mucosal immunity in the respiratory tract. Activation of mucosal immunity may prevent both SARS-CoV-2 virus infection and transmission.
The company recently commenced the phase 1 clinical trial and expected the second quarter of 2021. If the clinical data from our Phase 1 trial and subsequent clinical trials validate the preclinical observations, it can become an important new option for vaccination against COVID-19.
ALT Relative strength (RS) Rating improved
Altimmune RS rating reached 91 on Tuesday, March 9, 2021. RS rating is used by the investors as a factor when they are looking to buy the best stock.IBD’s unique RS Rating tracks technical performance by using a 1 (worst) to 99 (best) score that shows how a stock’s price performance over the trailing 52 weeks matches up against the rest of the market.
About the company
Altimmune is a clinical-stage biopharmaceutical company focused on developing intranasal vaccines, immune-modulating therapies, and liver disease treatments. The company was found in 1997, and its headquarter is in Gaithersburg, Maryland, the United States. Some of its upcoming vaccines are (AdCOVID™), for COVID-19, (NasoShield™) for Anthrax and (NasoVAX)for influenza. The company’s shares gained 28.07% during the last five business days and declined -21.78% in the previous month. At some point in the prior quarter, the stock rose 27.49%.