Buy Rating Affirmed for Altimmune on Pemvidutide’s Potential and Strategic Advancements

Analyst Mayank Mamtani from B.Riley Financial reiterated a Buy rating on Altimmune (ALT – Research Report) and keeping the price target at $20.00.

Mayank Mamtani has given his Buy rating due to a combination of factors surrounding Altimmune’s promising anti-obesity and NASH drug, pemvidutide (pemvi). His optimism is rooted in the drug’s progression to pivotal-stage development and its potential to differentiate within a competitive obesity treatment landscape. He notes the potential for strategic partnerships and the drug’s regulatory path, which is being de-risked by encouraging preliminary data and upcoming engagements with the FDA. Additionally, the upcoming medical conferences are expected to highlight the drug’s unique attributes which set it apart from existing therapies, further bolstering its value proposition in the eyes of potential collaborators and investors.
Mamtani’s confidence is further supported by the planned End-of-Phase 2 meeting with the FDA, expected to clarify pemvidutide’s positioning and inform Phase 3 trial design. This meeting is anticipated to enhance Altimmune’s attractiveness to potential partners by delineating a clear regulatory and commercial roadmap. Furthermore, the ongoing Phase 2b IMPACT trial of pemvidutide in NASH is on track to potentially show significant liver histology improvement, with results expected in the first quarter of 2025. These developments, alongside the company’s commitment to securing a partnership before the end of 2024, ahead of Phase 3 trials, lend to Mamtani’s positive outlook and Buy recommendation for Altimmune’s stock.

In another report released today, JMP Securities also reiterated a Buy rating on the stock with a $24.00 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.