Why Is Obesity Drug Developer Altimmune Stock Trading Lower On Wednesday?
Portfolio Pulse from Vandana Singh
Altimmune Inc (NASDAQ:ALT) reported study results for obesity drug pemvidutide, showing 25.5% of weight loss from lean mass and 74.5% from adipose tissue. The company will present full data at an upcoming meeting. Despite Kerrisdale Capital's skepticism and competition from Biohaven (NASDAQ:BHVN), ALT shares rose 7.51% in premarket trading. Altimmune missed Q4 2023 EPS estimates and reported $198.0 million in cash and equivalents as of December 31, 2023.
March 27, 2024 | 1:31 pm
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POSITIVE IMPACT
Altimmune's obesity drug pemvidutide study results were positive, but the company missed Q4 2023 EPS estimates. Shares rose 7.51% in premarket trading.
The positive study results for pemvidutide and the upcoming presentation of full data are likely to generate investor optimism, despite the missed EPS estimates. The premarket share price increase reflects this optimism.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100
NEUTRAL IMPACT
Biohaven's CEO commented on achieving significant weight loss without losing muscle mass, competing with Altimmune's pemvidutide. Biohaven presented promising preclinical data for taldefgrobep alfa.
Biohaven's focus on significant weight loss without muscle loss and the presentation of preclinical data for taldefgrobep alfa positions it as a competitor to Altimmune. However, the direct impact on BHVN's stock price in the short term is uncertain.
CONFIDENCE 70
IMPORTANCE 75
RELEVANCE 70