Positive results from a midstage influenza study sent Altimmune Inc. (NASDAQ: ALT) shares sharply higher on Tuesday. Specifically, the positive data came from the firm’s Phase 2 extension study of its NasoVAX intranasal influenza vaccine candidate.

Overall, data from this study demonstrated that 100% of the evaluated subjects remained seroprotected, and the seroconversion rate was unchanged more than one year after vaccination.

As part of the study, subjects from the highest dose group were invited to return as part of a study extension to evaluate the duration of immunity one-year post-vaccination. Of 15 subjects invited, eight returned an average of 13.5 months after vaccination.

Coupled with previously demonstrated mucosal antibody and T-cell related correlates of immunoprotection, NasoVAX is well positioned to compete with other influenza vaccines currently under development.

Vipin K. Garg, Ph.D., president and CEO of Altimmune, commented:

We are excited about the continued positive NasoVAX results and believe that if approved, NasoVAX has the potential to capture a significant portion of the global flu vaccine market. Based on the continued positive data, we are seeking development and commercialization partnerships for our NasoVAX program. This will allow us to focus on our strategy of building a pipeline of multiple early to mid-stage assets. We are currently engaged in a rigorous acquisition review process focused on novel immunotherapeutic approaches for cancer, including immunostimulants and oncolytic viruses, and innovative product candidates for liver diseases. The proceeds from our recent successful financing efforts have put us in a strong position to execute our acquisition plans.

Shares of Altimmune were last seen up 31% at $3.79, with a 52-week range of $1.70 to $49.26. The stock has a consensus analyst price target of $10.00.

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