RTTNews | Jul 13, 2020 09:24AM EDT

09:24 Monday, July 13, 2020 (RTTNews.com) - Shares of Altimmune Inc. (ALT) are rallying over 22% in pre-market today, after the company announced positive results from the preclinical studies of its intranasal COVID-19 vaccine candidate, AdCOVID.

The studies, which were conducted in collaboration with the University of Alabama at Birmingham (UAB), showed strong serum neutralizing activity and potent mucosal immunity in the respiratory tract. The induction of IgA antibody in the respiratory tract might be necessary to block both infection and transmission of the virus to prevent further spread of COVID-19.

Based on these findings, the company said it has planned to begin manufacturing of AdCOVID and advance the vaccine candidate to a Phase 1 safety and immunogenicity study in Q4 of this year.

The stock has been trading in the range of $1.51 - $24.65 for the past one year, and closed Friday's trade at $22.35, up $2.13 or 10.53%. ALT is currently trading at $27.45, up $5.10 or 22.82% in the pre-market session.

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