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.

Selected early and mid-stage Covid-19 vaccine candidates
Vaccine	Company	Market cap ($m)	Notes
Phase 1
AdCOVID	Altimmune	626	Ph1 failed Jun 21; project discontinued
ChAdV68-S-TCE	Gritstone Bio	478	Topline ph1 data expected mid-year
CORVax12	Oncosec Medical	124	Ph1 data poss Q3'21
CoVepiT	OSE Immunotherapeutics	256	Ph1 data poss Q4'21
VXA-CoV2-1	Vaxart	1,067	Oral vaccine. Topline Ph1 data released in Feb 21, Ph2 trials planned
Phase 2
ABNCoV2	ExpreS2ion Biotech Holding/Bavarian Nordic	135/2,721	Topline data from Cough-1 trial expected Jul 21
ARCT-021	Arcturus Therapeutics/ Recipharm	930/2,809	Ph2 data imminent. Ph3 trial expected Q3'21; EUA poss H2'21
hAd5-Covid-S/N	ImmunityBio	5,843	SC, oral and sublingual formulations being tested; early safety data reported and several trials ongoing
VBI-2902a	VBI Vaccines	1,019	Ph1/2 data expected Q2'21
Source: Evaluate Pharma, clinicaltrials.gov and company websites. https://www.evaluate.com/vantage/articles/news/snippets/altimmune-looks-obesity-covid-19-vaccine-crashes