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.
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%.