Short Altimmune ahead of pemvidutide Phase 3 ‘bomb,’ says Kerrisdale

Kerrisdale Capital tweeted: “We’re short $ALT. Report available at http://kerr.co/alt. Altimmune’s only asset is pemvidutide, a dual GLP-1/glucagon with no chance of commercial success. The drug has awful tolerability and underwhelming weight-loss activity. It’s going to bomb in phase-3. {…} In ph2, pemvidutide led to 15.6% weight loss at 48 weeks. On an apples-to-apples basis, that’s a bit less than semaglutide and much less than tirzepatide. Considering pemvidutide does nothing to control blood sugar, that’s already enough for the drug to be a dud. {…} But tolerability for pemvidutide is awful. 42% of patients on the highest dose discontinued their use of the drug. ALT mgmt says that the same thing happened to Ozempic/Mounjaro in ph2, but that’s nonsense. We look at all the trials and show that’s totally false.”