Altimmune looks to obesity as Covid-19 vaccine crashes

The failure of Altimmune’s nasal Covid-19 vaccine project wiped 16% from the company’s value in early trade today, effectively erasing the gains the stock made on an early hit in obesity – with a different project – a fortnight ago. The extent of investors’ expectations for the AdCOVID vaccine is surprising given that Altimmmune had taken 16 months to generate phase 1 data and had secured no major partner. Plenty of other small-cap biotechs also have Covid vaccine candidates in early and mid-stage trials, as the table below shows, and might be at similar risk of losing value should their projects also disappoint. Those with data looming include Vaxart and Arcturus Therapeutics. As for Altimmune, attention will now turn to the full 12-week data from the obesity study that showed such promise at the halfway point. If the final data remain solid – or actually improve, given that ALT-801 is to be dosed at higher levels – this could be Altimmune’s chance to hook a partner, and help investors forget their Covid-19 vaccine disappointment.