Altimmune: Don’t Buy The GLP-1 Move-Up

Summary

  • I am assigning a sell rating to Altimmune.
  • The discontinuation rates in MOMENTUM and lack of glucose control benefits raise concerns about the success of Pemvidutide.
  • Altimmune’s pipeline is young and faces strong competition in the GLP-1 market, as well as challenges in the NASH space.
  • Shareholder dilution is another tangible risk that prospective investors will likely have to grapple with.

Introduction

Shares of Altimmune (NASDAQ:ALTsurged last Thursday during after-hours trading following the release of positive data from MOMENTUM, which is a phase two trial evaluating the effect of their GLP-1/glucagon dual receptor agonist (Pemvidutide) as a

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