Shares of Altimmune published positive pre-clinical data for its new single-dose, intranasal COVID-19 vaccine candidate AdCOVID. Shares closed 1.9% higher on Monday.The company stated that the study conducted on two strains of mice demonstrated that its AdCOVID elicited multi-faceted immune activity including serum neutralizing immunity, T cell immunity, and mucosal immunity.According to Altimmune (ALT), “AdCOVID is based on the Company’s adenovirus-based intranasal vaccine platform and expresses the receptor binding domain (RBD) of the SARS-CoV-2 spike protein.” The company said, “AdCOVID is designed to offer significant advantages over other COVID-19 vaccine approaches, including intranasal administration, single-dose effectiveness, broad activation of the immune response, and the ability to ship and store the vaccine conveniently and inexpensively.”Altimmune is planning to file an Investigational New Drug (IND) with the US Food and Drug Administration. It expects to initiate a Phase 1 safety and immunogenicity trial of its intranasal COVID-19 vaccine candidate during the fourth quarter. (See ALT stock analysis on TipRanks)Following the AdCOVID update, B. Riley Financial analyst Mayank Mamtani reiterated a Buy rating on the stock with a price target of $31 (146% upside potential). In a note to investors, Mamtani wrote, “We believe ALT remains well positioned to emerge as a leader in the second wave of COVID-19 vaccines, offering a simplistic solution with the potential for self-administration and an attractive stability profile for cold-chain free distribution, conferring the ability to ship and store the vaccine conveniently and inexpensively.”Currently, the Street has a bullish outlook on the stock with a Strong Buy analyst consensus. With shares up over 567% year-to-date, the average price target of $49 implies further upside potential of 288.9% to current levels.Related News: PerkinElmer Raises 3Q Sales Outlook Fueled By COVID-19 Testing Demand J&J Halts Covid-19 Vaccine Trial Due To ‘Unexplained Illness’ Pfizer, BioNTech Initiate Rolling Canada Submission For Covid-19 Vaccine More recent articles from Smarter Analyst: * Dynavax Surges 7% In Pre-Market On Taiwan Covid-19 Vaccine Subsidy * Exelon Jumps On Possible Non-Utility Divestment; Analyst Sees 50% Upside * Nestlé Completes Tender Offer For 84% Stake In Aimmune Therapeutics * New Oriental Rises On Solid Earnings Beat Despite Covid-Headwinds