Altimmune Inc.
ALT,
-2.45%
shares dropped in the extended session Tuesday after the biotech said it was discontinuing study of a COVID-19 nasal spray vaccine because it didn’t work as well as anticipated. Altimmune shares fell 33% after hours, following a 2.5% decline to close at $15.90. The company called study results of its AdCOVID vaccine “disappointing” and said it would focus on its treatments for obesity and liver disease. “Although antibodies were detected that bound the SARS-CoV-2 Spike protein and neutralized the virus in a subset of subjects, the magnitude of the response and the percent of subjects responding to AdCOVID were substantially lower than what had been demonstrated for other vaccines already authorized for emergency use,” Altimmune said in a statement. Shares had gained 53% over the past 12 months, compared with a 41% gain on the S&P 500 index
SPX,
+0.03%.
