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Altimmune
(NASDAQ:ALT)
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Rating:57Neutral
Price Target:
$3.00
▲(8.30% Upside)
Action:Reiterated
Date:07/28/26
The score is anchored by moderate financial performance: a strong, debt-free balance sheet is offset by large ongoing losses and cash burn. The earnings call adds meaningful support due to strengthened funding runway and Phase III/regulatory progress, while technicals are mixed and valuation is constrained by negative earnings and no dividend.
Positive Factors
Debt-free balance sheet & pro forma cash runway
A debt-free balance sheet and ~$535M pro forma cash materially increase Altimmune’s ability to fund global Phase III start‑up and multi-year trials without immediate dilutive financing. This financial flexibility supports longer-term execution, CRO commitments, and clinical supply obligations through registrational milestones.
Negative Factors
Persistent cash burn and weak cash generation
Ongoing negative operating and free cash flow create structural reliance on capital markets or partnerships until commercial revenue emerges. Despite pro forma proceeds, sustained development costs for multi‑year Phase III programs mean dilution or new funding rounds remain likely if timelines extend or additional programs are pursued.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet & pro forma cash runway
A debt-free balance sheet and ~$535M pro forma cash materially increase Altimmune’s ability to fund global Phase III start‑up and multi-year trials without immediate dilutive financing. This financial flexibility supports longer-term execution, CRO commitments, and clinical supply obligations through registrational milestones.
Read all positive factors
Altimmune (ALT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$583.42M
Dividend YieldN/A
Average Volume (3M)4.02M
Price to Earnings (P/E)―
Beta (1Y)1.60
Revenue Growth55.00%
EPS Growth33.01%
CountryUS
Employees57
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.78
Shares Outstanding194,474,150
10 Day Avg. Volume2,499,239
30 Day Avg. Volume4,018,388
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)1.41
Price to Sales (P/S)7757.46
P/FCF Ratio-4.71
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$15.25Price Target Upside450.54% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.6
Revenue Forecast (FY)$1.88K
Altimmune Business Overview & Revenue Model
Company Description
Altimmune, Inc. (ALT) is a clinical-stage biopharmaceutical company focused on developing peptide-based therapeutics for metabolic and liver diseases. Its pipeline includes investigational candidates such as pemvidutide, a GLP-1/glucagon dual rece...
How the Company Makes Money
As a clinical-stage biopharmaceutical company, Altimmune’s primary potential path to monetization is the successful development and eventual commercialization of its drug candidates; however, to the extent of publicly available information at a hi...
Altimmune Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveyed substantial clinical and operational momentum: initiation of a global Phase III in MASH, robust positive Phase II AUD data that met multiple registrational endpoints (including objective biomarker improvements and 9.1% weight loss), completed enrollment in ALD, and a strengthened balance sheet ($519M cash). Key positives notably outweigh near‑term risks, though important caveats remain — including higher operating expenses, GI-related tolerability signals under further review, a competitive MASH enrollment landscape, and the need to secure non-dilutive funding for a potential AUD Phase III (not covered by the current runway). Several pivotal readouts (RESTORE H2 2027, PERFORMA 52‑week in 2029) and regulatory engagements are upcoming and will be determinative for long-term value.Positive Updates
Initiation of PERFORMA Phase III in MASH
Global PERFORMA Phase III trial initiated and enrolling; ~300 sites planned (≈1/3 U.S., 2/3 ex-U.S.). Trial launched quickly (≈3 months after securing funding) with target enrollment window ~18–24 months and a 52-week biopsy readout expected in 2029.
Negative Updates
Rising Operating Expenses
Q2 2026 R&D expense rose to $18.7M from $17.2M YoY (+≈8.7%) and G&A rose to $7.6M from $5.7M YoY (+≈33.3%), driven by ALD investment, PERFORMA startup costs, higher professional fees, and compensation; Q2 net loss increased modestly to $22.8M from $22.1M YoY (+≈3.2%).
Read all updates
Q2-2026 Updates
Positive
Negative
Initiation of PERFORMA Phase III in MASH
Global PERFORMA Phase III trial initiated and enrolling; ~300 sites planned (≈1/3 U.S., 2/3 ex-U.S.). Trial launched quickly (≈3 months after securing funding) with target enrollment window ~18–24 months and a 52-week biopsy readout expected in 2029.
Read all positive updates
Company Guidance
Management reiterated specific guidance and timing: PERFORMA (MASH) is a global Phase III with ~290–300 sites (≈1/3 U.S., 2/3 ex‑U.S.), targeting enrollment in ~18–24 months and a 52‑week biopsy readout expected in 2029; RESTORE (ALD) enrolled ≈120 patients with top‑line data expected H2 2027 and will assess liver stiffness (LSM) hierarchically at week 48 then week 24 (study powered “north of 90%”); the company reported $519M cash on June 30, 2026 after raising ≈$310M YTD (including a $225M April follow‑on) and said that cash fully funds PERFORMA through the 52‑week readout but does not fund a potential AUD Phase III (management prefers non‑dilutive funding such as royalties, debt or partnerships). Management also described planned regulatory engagement (end‑of‑Phase‑II meeting with FDA), a likely single global pivotal for AUD in moderate–severe patients (expecting ~50% overlap with ALD, possible inclusion of BMI <25 and lower dose cohorts), and cited key RECLAIM Phase II metrics to support that path: pemvidutide 2.4 mg produced a 1.45 fewer heavy‑drinking days/week vs placebo at week 24, ~2/3 of patients achieved a 2‑level WHO RDL reduction vs ~1/3 on placebo, more than twice as many achieved 0 heavy drinking days, 9.1% weight reduction vs placebo, improved PEth, and 50% of patients with baseline FIB‑4 >1.3 fell below 1.3 at 24 weeks vs 17% on placebo.Altimmune Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
74
Positive
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 31.00K | 41.00K | 20.00K | 426.00K | -68.00K | 4.41M |
| Gross Profit | -14.95M | 41.00K | 20.00K | 426.00K | -68.00K | 4.41M |
| EBITDA | -88.15M | -87.03M | -94.81M | -87.94M | -84.41M | -96.53M |
| Net Income | -91.76M | -88.09M | -95.06M | -88.45M | -84.71M | -97.09M |
Balance Sheet | ||||||
| Total Assets | 527.21M | 279.93M | 139.31M | 210.64M | 206.93M | 218.87M |
| Cash, Cash Equivalents and Short-Term Investments | 326.28M | 273.46M | 131.89M | 197.81M | 184.88M | 190.30M |
| Total Debt | 0.00 | 35.69M | 1.68M | 671.00K | 1.12M | 1.53M |
| Total Liabilities | 53.00M | 55.04M | 15.80M | 16.54M | 21.64M | 19.73M |
| Stockholders Equity | 474.21M | 224.89M | 123.51M | 194.10M | 185.29M | 199.13M |
Cash Flow | ||||||
| Free Cash Flow | -76.56M | -67.55M | -79.85M | -75.86M | -62.71M | -90.55M |
| Operating Cash Flow | -76.51M | -67.53M | -79.85M | -75.81M | -62.59M | -78.24M |
| Investing Cash Flow | -453.61M | -132.47M | -28.39M | 13.73M | -73.40M | 87.52M |
| Financing Cash Flow | 410.02M | 206.84M | 10.04M | 86.11M | 56.78M | 65.10M |
Altimmune Technical Analysis
Negative
2.77
Price Trends
2.90
Positive
3.00
Negative
3.73
Negative
Market Momentum
0.02
Negative
48.29
Neutral
59.94
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALT, the sentiment is Negative. The current price of 2.77 is below the 20-day moving average (MA) of 2.93, below the 50-day MA of 2.90, and below the 200-day MA of 3.73, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 48.29 is Neutral, neither overbought nor oversold. The STOCH value of 59.94 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ALT.
Altimmune Risk Analysis
Altimmune disclosed 65 risk factors in its most recent earnings report. Altimmune reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Altimmune Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
57 Neutral | $583.42M | -3.76 | -42.57% | ― | 55.00% | 33.01% | |
52 Neutral | $1.29B | -20.70 | -73.23% | ― | ― | -115.15% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $370.47M | -9.50 | -77.68% | ― | ― | -3.42% | |
47 Neutral | $121.92M | -1.29 | -29.34% | ― | ― | -32.34% | |
46 Neutral | $375.33M | -4.23 | -47.48% | ― | ― | 64.51% | |
45 Neutral | $16.60M | -1.11 | -64.17% | ― | -100.00% | 94.65% |
* Healthcare Sector Average
ALT
Altimmune
2.93
-0.81
-21.66%
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305.56%
ENGN
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1.70
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LXEO
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3.18%
Altimmune Corporate Events
Business Operations and StrategyProduct-Related Announcements
Altimmune Reports Positive Phase 2 Data in AUD
Positive
Jul 28, 2026
On July 28, 2026, Altimmune reported positive topline data from its RECLAIM Phase 2 trial of pemvidutide 2.4 mg in patients with moderate to severe alcohol use disorder. The study, which enrolled about 100 patients with BMI above 25, showed pemvid...
Business Operations and Strategy
Altimmune Relocates Corporate Headquarters to Morristown, New Jersey
Positive
Jun 16, 2026
On June 16, 2026, Altimmune, Inc. announced it will relocate its corporate headquarters from Gaithersburg, Maryland to Morristown, New Jersey later this year, entering into a five-year office lease with annual rent of about $300,000. The move plac...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.