Why Altimmune Stock Popped Today
On Wednesday morning, clinical-stage biopharmaceutical company Altimmune (NASDAQ: ALT) announced a regulatory update regarding one of its pipeline candidates. The news prompted bullish commentary from a Wall Street analyst. These developments sent Altimmune's shares higher. As of the close of Wednesday's trading's session, the company's stock was up by 13.9%
Altimmune announced that the U.S. Food and Drug Administration (FDA) has cleared its Investigational New Drug (IND) Application for a phase 1 clinical trial for AdCOVID. An IND application, once approved, allows a company to start human clinical trials for an experimental drug or vaccine. AdCOVID is a single-dose, intranasal, needle-free COVID-19 vaccine candidate Altimmune is developing.
The company expects to kick off a phase 1 clinical trial for this product in the coming week. This study will evaluate the safety, tolerability, and immunogenicity (the ability to trigger an immune response in the body) of AdCOVID in about 180 healthy adult participants.
Source Fool.com
