H.C. Wainwright analyst Patrick Trucchio believes the selloff in Altimmune shares tied to the MOMENTUM and Phase 1b diabetes trial readouts is “overdone.” In the MOMENTUM study, pemvidutide was well-tolerated, and though the weight loss at the 1.8 mg dose of 9.4% was a touch below expectations of around 10%, the drug is generating competitive weight-loss rates and is further differentiated on additional metabolic measures such as improvements in lipids and blood pressure, the analyst tells investors in a research note. Altimmune also reported data from a Phase 1b trial in diabetic patients that demonstrated at 12 weeks, pemvidutide was well-tolerated with robust rates of weight loss, and that patients maintained gylcemic control, says the firm. It believes pemvidutide is on track to generate weight loss of around 15% or greater at 48 weeks in non-diabetic patients, with the possibility to go higher in the dosing to achieve improved outcomes. H.C. Wainwright says Altimmune shares are “highly attractive” at current levels, and reiterates a Buy rating on the name with a $50 price target. The stock in late morning trading is down 52% to $5.24.
previous post