H.C. Wainwright Sees Buying Opportunity In This Biotech Stock Sell Off

H.C. Wainwright Sees Buying Opportunity In This Biotech Stock Sell Off
  • H.C. Wainwright said that Altimmune Inc ALT reported "positive" Phase 1 trial pemvidutide data, formerly known as ALT-801, in obese patients. 
  • However, shares dropped, which he sees primarily because one patient experienced elevated ALT levels that resolved after a pause in dosing.
  • Some of the losses have since been recovered after the stock was down 20.6% as of 10:46 a.m. ET on Tuesday.
  • Related Link: See Why Altimmune Stock Plunged After Obesity Trial Data.
  • Management emphasized that the adverse event occurred in one out of 100 patients enrolled in the trial, in a patient who would not ordinarily be enrolled in an obesity or NASH study.
  • Analyst Patrick Trucchio believes that ALT elevation might not occur in the future.
  • He believes the selloff on such "a potential one-off event" has created a "compelling buying opportunity" ahead of multiple study starts and trial data readouts expected throughout 2022.
  • The analyst keeps a Buy rating and $25 price target on Altimmune shares.
  • Price Action: ALT stock is down 6.25% at $14.24 during the market session on the last check Tuesday.
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