Guggenheim views Altimmune risk/reward heading into MOMENTUM as attractive

Guggenheim analyst Seamus Fernandez notes that with the highly anticipated interim-data read of Altimmune’s Phase 2 MOMENTUM obesity trial expected this quarter, the key question on investors’ minds is whether pemvidutide will be viewed as an obesity drug with NASH benefits or as a NASH drug with weight-loss benefits. In the firm’s view, weight-loss efficacy at least on par with Wegovy, or 7-8% PBO-adjusted or about 10% weight loss from baseline at 24 weeks should be met with investor enthusiasm. Should the weight loss achieved in MOMENTUM fall well short of Wegovy, Guggenheim and its key opinion leaders believe that pemvi offers a compelling agent for treatment of NASH, given the drug’s impressive ability to reduce liver fat. The firm views Altimmune’s risk/reward heading into MOMENTUM as attractive at current levels and reiterate it as a Best Idead. Guggenheim has a Buy rating on the shares with a price target of $26.