Altimmune price target raised to $16 from $10 at Guggenheim

Guggenheim raised the firm’s price target on Altimmune to $16 from $10 and keeps a Buy rating on the shares after publication of data from the Phase 2b MOMENTUM trial, where pemvidutide led to absolute weight-loss up to 15.6% at 48 weeks. Based on the strength of the MOMENTUM data, the has increased its odds of success assumption in obesity to 60% from 35% previously and argues that Altimmune “has an injectable obesity asset with a competitive profile that provides a Ph3 ready vehicle for a potential partnership or acquisition.”