H.C. Wainwright analyst Patrick Trucchio has reiterated their bullish stance on ALT stock, giving a Buy rating on March 28.
Patrick Trucchio has given his Buy rating due to a combination of factors surrounding Altimmune’s strong potential in the market for obesity and metabolic dysfunction-associated steatohepatitis (MASH) treatments. The company’s lead candidate, pemvidutide, has shown promising body composition data from its Phase 2 trial, suggesting it can preserve lean mass during weight loss. This aspect is critical as it may lead to better long-term weight maintenance and a safer profile compared to other GLP-1 agonist drugs. Despite discontinuing development on another product due to insufficient results, the firm’s financial position remains solid, with a substantial cash reserve reported at the end of 2023.
Altimmune stands out in its pursuit of strategic partnerships ahead of a crucial end-of-Phase 2 meeting with the FDA. The company’s proactive approach to seeking a partner to help with the clinical development and commercialization of pemvidutide in obesity and potentially other indications is a positive sign. Furthermore, the successful MOMENTUM trial indicates that patient enrollment for future Phase 3 trials could be swift, further highlighting the drug’s potential. The combination of pemvidutide’s efficacy, safety, and cardiovascular benefits positions it favorably for integration into existing cardio-metabolic franchises, bolstering confidence in Altimmune’s prospects and justifying the Buy rating.
Trucchio covers the Healthcare sector, focusing on stocks such as Sangamo Biosciences, Alnylam Pharma, and Oncolytics Biotech. According to TipRanks, Trucchio has an average return of -8.2% and a 32.38% success rate on recommended stocks.
In another report released on March 28, B.Riley Financial also reiterated a Buy rating on the stock with a $20.00 price target.
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Altimmune (ALT) Company Description:
The Group is development stage company which intend to acquire an operating business, through a merger, capital stock exchange, asset acquisition or other similar business combination. The Group does not have any activities.
