Altimmune attractive after ‘overdone’ selloff, says H.C. Wainwright

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.