Altimmune, Inc. ALT shares are trading higher Thursday, and the stock has gained more than 140% over the past month. Here's a look at what's going on.
What To Know:
Altimmune's recent rally began after the company announced topline results from the 48-week Momentum Phase 2 trial of its obesity drug-candidate, pemvidutide on Nov. 30.
The company reported that 50% of subjects achieved at least 15% weight loss and over 30% of subjects achieved at least 20% weight loss on the 2.4 mg dose. The company also highlighted other benefits including reductions in serum lipids and improvements in blood pressure without imbalances in cardiac events, arrhythmias or clinically meaningful increases in heart rate.
"The level of weight loss achieved at 48 weeks in this trial has been shown to reverse the key complications of obesity. Moreover, the trajectory of weight loss at the end of treatment with the 2.4 mg dose suggests the potential for greater weight loss with continued treatment," said Dr. Scott Harris, CMO of Altimmune.
Dr. Harris added, "It is also important to recognize the safety profile of pemvidutide observed to date, especially cardiac-related safety, considering that many obesity patients are at risk for cardiovascular events such as arrhythmias and major adverse cardiac events."
According to data from Benzinga Pro, Altimmune shares are trading well-above the stock's 50-day moving average of $4.90 and 20.81% of shares are being sold short which could be contributing to the stock's recent significant climb.
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ALT Price Action: According to Benzinga Pro, Altimmune shares are up 11% at $11.01 at the time of publication.
Image: kahll from Pixabay
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