Altimmune price target raised to $25 from $16 at JMP Securities

JMP Securities raised the firm’s price target on Altimmune to $25 from $16 and keeps an Outperform rating on the shares. Following the Phase 2b MOMENTUM data, the firm is now including obesity as a separate program in its Altimmune valuation. The shares are up 50% today but this still undervalues pemvidutide’s opportunity that JMP now models at over $5B in peak sales between obesity and nonalcoholic steatohepatitis, the analyst tells investors in a research note. The firm continues to recommend Altimmune shares, saying pemvidutide has a competitive profile.