- 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.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.