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After topline data for a live disease candidate led to a massive selloff in Altimmune, Inc. (NASDAQ:ALT), there is a compelling buying opportunity in the clinical stage biotech, H.C. Wainwright argued Friday, citing an upcoming data readout for the drug in obesity.
The analyst Patrick Trucchio notes that while the company posted “compelling results” on Wednesday from Phase 1 trial for pemvidutide in non-alcoholic fatty liver disease (NAFLD), ALT shares dropped as its weight loss data disappointed the investors.
While the placebo-adjusted weight loss at 4.7% was less than the level some investors expected, Trucchio is optimistic about the pemvidutide’s potential to cause over 20% weight loss in non-diabetic obese patients.
According to the analyst, those patients usually have lower liver fat content than typical NAFLD patients.
Trucchio argued that the 24-week data expected in Q1 2023 from ALT’s Phase 2 trial for pemvidutide in non-diabetic obese/overweight patients is “the more significant de-risking event” for the program. H.C. Wainwright reiterates the Buy rating and $50 per share target on the stock.
Issuing similar remarks on Thursday, Seeking Alpha contributor Terry Chrisomalis with a Strong Buy rating on ALT, noted that the company is a “great speculative biotech play.”
Image and article originally from seekingalpha.com. Read the original article here.