Shares of biopharmaceutical company Altimmune (NASDAQ:ALT) are in a freefall today after it announced interim data evaluating pemvidutide in a Phase 2 study in obesity and a Phase 1b study in Type 2 diabetes and obesity.
In the Phase 2 study, the therapy showed a mean weight loss of 11.9% in participants weighing 115kg or less and about 50% of participants witnessed 10% or higher weight loss. Further, robust declines were seen in waist circumference, serum lipids, and blood pressure without a significant uptick in heart rate.
In the Phase 1b trial in type 2 diabetes, excellent tolerability was observed with 7.7% weight loss at 2.4mg dosing. Next, the company expects the 48-week obesity trial to end in Q4 2023 and anticipates beginning a phase 2 biopsy NASH trial in the middle of this year.
Overall, Wall Street has a consensus price target of $29.13 on ALT, implying a mouth-watering 456% potential upside in the stock. But that’s after a nearly 52.6% slide in the share price over the past month. At the same time, short interest in the stock remains high at about 16% at present.
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