ALT Stock Overview
Altimmune, Inc., a clinical stage biopharmaceutical company, focuses on developing treatments for obesity and liver diseases.
+ 1 more risk
Price History & Performance
|Historical stock prices|
|Current Share Price||US$12.83|
|52 Week High||US$23.49|
|52 Week Low||US$3.83|
|1 Month Change||-42.75%|
|3 Month Change||5.16%|
|1 Year Change||13.34%|
|3 Year Change||575.26%|
|5 Year Change||-83.49%|
|Change since IPO||-94.59%|
Recent News & Updates
Altimmune: Overreaction On NASH Data Creates Buying Opportunity
Summary Altimmune stock was trading lower after the release of positive results, achieving both primary and secondary endpoints of phase 1b study with pemvidutide in NASH/obese patients provides a buying opportunity. It provided updated 24-week results from phase 1b study using pemvidutide in NASH/obese patients measuring weight loss expected Q4 of 2022. Interim results from phase 2 MOMENTUM study, using pemvidutide in obese patients measuring weight loss expected in Q1 of 2023. Altimmune had $184.8 million in cash as of June 30, 2022, enough to fund its operations for at least the next 12 months. Altimmune (ALT) traded lower by at least 40% after announcing results from its clinical data from its phase 1b study, using its drug pemvidutide for the treatment of patients with NASH. I believe the stock trading lower by this amount is unwarranted. Why do I believe this to be the case? That's because both the primary endpoint and secondary endpoints were both met. The primary endpoint of reduction of liver fat was met in the 12-week period and the secondary endpoint of weight loss was also met. Based on this highly positive clinical data, plus the stock trading lower by such a huge amount, I believe it creates a great opportunity to buy the stock. I think that the selloff is a huge overreaction based on what was released. What I think may have contributed to the stock of Altimmune trading lower, is the positive results that Akero Therapeutics (AKRO) obtained the other day, however, I don't believe these results should be compared. I will explain more below, but the premise is that Altimmune is only looking at liver fat reduction and ALT levels in these NASH patients (plus weight loss). Whereas Akero Therapeutics is further along and was testing other endpoints such as at least one stage improvement in liver fibrosis with no worsening of NASH by week 24 and NASH resolution without worsening of fibrosis. Akero released liver fat reduction results back in March of 2020. Therefore, you can't compare these different endpoints. I believe this false comparison is what likely led to the stock trading lower. However, this creates a great buying opportunity for Altimmune's stock. Especially, considering that there are two catalysts still on deck for this company. The first catalyst is the release of 24-week NASH data expected in Q4 of 2022. This provides an extended treatment period and it's possible longer treatment with pemvidutide may provide greater weight loss for these patients. In addition, results from the MOMENTUM study, which is using pemvidutide for obesity, is expected to have an interim analysis by Q1 of 2023. Results from another phase 2 study, using HepTCell for the treatment of patients with chronic Hepatitis B, are expected in the 2nd half of 2023. Pemvidutide Achieves Both Intended Endpoints Of Trial What is crazy is that there was a huge overreaction of the data that was released, with the stock trading lower by more than 40% after the news was announced. However, as I stated above, I believe it offers a great entry point for investors. That's because if you look at the clinical data itself, the primary and secondary endpoints of the phase 1b study were both met. The drug pemvidutide not only obtained both of these endpoints for this study, but was also well tolerated with no serious or severe adverse events (AEs) noted. This phase 1b study recruited a total of 94 patients with NASH and obesity. They were randomized 1:1:1:1 to the following doses: 1.2 mg pemvidutide 1.8 mg pemvidutide 2.4 mg pemvidutide Placebo The primary endpoint of this study was the percent reduction in liver fat content from baseline. The secondary endpoint look at the percent of weight loss from baseline. Both of these endpoints were measured over a 12-week period. The mean reduction live fat percentage primary endpoint was met in all dosing groups and was as follows: 1.8 mg dose achieved 68.5% mean reduction of liver fat 1.2 mg dose achieved 46.6% mean reduction of liver fat 2.4 mg dose achieved 57.1% mean reduction of liver fat All these doses compared to placebo achieved statistical significance. A reason why I believe the stock might be trading lower is timing. As stated in the beginning Akero Therapeutics released positive results from its phase 2b NASH study using its drug efruxifermin. Again, I must reiterate though that it is false to draw comparisons from Akero's phase 2b study to Altimmune's phase 1b study. Why is that? That's because Akero is further along and was testing more robust endpoints. These were endpoints for its phase 2b NASH study using efruxifermin as follows: Primary endpoint #1 - One stage improvement in liver fibrosis with no worsening of NASH by week 24 Primary endpoint #2 - NASH resolution without worsening of fibrosis
Summary Today, we put developmental concern Altimmune back in the spotlight for the first time in 18 months. The company is targeting some very large markets with candidates in its pipeline and has some near-term potential catalysts on the horizon. An investment analysis follows in the paragraphs below. If absolute power corrupts absolutely, does absolute powerlessness make you pure?" - Harry Shearer Today, we revisit Altimmune (ALT) for the first time in a year and a half. We concluded that article noting the shares seemed worthy of a small 'watch item' position pending further developments. The stock has been on a big tear recently, rising up to 52-week highs. Therefore, it seems a good time to circle back on this small biotech name. An analysis follows below. Seeking Alpha Company Overview: Altimmune is a clinical stage developmental concern based out of Maryland. In our last article, we spent some time discussing the company's Covid development efforts, which are no longer being prioritized. In fact, they have discontinued all activities around their T-Covid program. May Company Presentation The company's lead product candidate is called pemvidutide. This is a GLP-1/glucagon dual receptor agonist that is in Phase 1b trial for the treatment of obesity and non-alcoholic steatohepatitis. In January of this year, the FDA approved the company's Investigational New Drug or IND application for its Phase 2 clinical trial of pemvidutide for obesity. May Company Presentation Enrollment of this approximately 320 person study 'MOMENTUM' began in April. As of early August, more than half the patients needed for this evaluation were enroll. Management expects full enrollment in this trial will be achieved by the end of this month. This will be a 48-week trial with interim results out at the midpoint of the study which is expected sometime in the first quarter of 2023. The trial will evaluate relative (percent) change in body weight at 48-weeks of pemvidutide versus the baseline. Subjects are being randomized in this trial one to one to one to one to receive either 1.2 milligrams, 1.8 milligrams, 2.4 milligrams Pemvidutide or placebo administered weekly over the 48-week regimen. May Company Presentation Results of a Phase 1 study were encouraging especially at the 1.8mg dosage, although it should be noted that five of the nine individuals in that cohort did experience mild nausea. Management believes believe that pemvidutide has the potential to achieve weight loss equal to or exceeding 20% after only 48-weeks of treatment. This would confirm the benefit of adding a glucagon agonism to GLP-1 monotherapy. May Company Presentation There currently is a 12-week Phase 1b trial of subjects with obesity or overweight and Nonalcoholic fatty liver disease or NAFLD underway. 94 subjects are participating in this study and are randomized one-to-one to one-to-one to 1.2 milligrams, 1.8 milligrams, 2.4 milligrams Pemvidutide or placebo over 12-weeks of treatment. NAFLD in this trial is defined as a 10% or greater liver fat content as measured by MRI-PDFF. NAFLD often can lead to Non-Alcoholic SteatoHepatitis or NASH, which is a far more serious disease and huge potential market. Results of this evaluation should be disclosed at the middle of this month. Top line data will include an assessment of liver fat, weight loss, serum lipids, and safety at 12 weeks of treatment. The company is also developing HepTcell, which is an immunotherapeutic product candidate, targeting patients chronically infected with the hepatitis B virus. The company is continuing to enroll in a Phase 2 trial of HepTcell in subjects with inactive Chronic Hepatitis B and management expects to have a data readout from this study in the second half of 2023. May Company Presentation May Company Presentation Currently the stock trades just above $22.00 a share and sports an approximate market capitalization of $1.1 billion. Analyst Commentary & Balance Sheet: The analyst community is optimistic on the company and the stock these days. Over the past month, six analyst firms including Piper Sandler and Jefferies have reissued Buy ratings. Price targets proffered range from $25 to $50. Half of these contained slight upward price target revisions it should be noted.
Altimmune sets new 52-week high on rising volume
The shares of Altimmune, Inc. (NASDAQ:ALT), a biotech focused on weight loss therapies, traded on above-average volume to add more than 17% and reach a 52-week high on Wednesday. Over 3.0M ALT shares have changed so far, compared to the 65-day average of ~1.7M. Today’s uptick, the highest in more than two weeks, comes after Jefferies, with a Buy rating on the stock, raised its price target to $35 from $30 per share to imply a ~85% premium to the last close. ALT shares added more than 25% a day after the company’s Q2 2022 financials, which showed a ~19% YoY decline in the net loss. However, with an early-stage candidate for obesity, Altimmune’s (ALT) prospects lie in the obesity market, which Morgan Stanley projected in July to generate $54B in sales in 2030. The shares of clinical-stage biotech have more than doubled in value this year as the company plans to disclose topline data from a 12-week Phase 1b trial for its weight loss candidate pemvidutide in mid-September.
|ALT||US Biotechs||US Market|
Return vs Industry: ALT exceeded the US Biotechs industry which returned -25.6% over the past year.
Return vs Market: ALT exceeded the US Market which returned -23.2% over the past year.
|ALT Average Weekly Movement||15.6%|
|Biotechs Industry Average Movement||11.1%|
|Market Average Movement||6.8%|
|10% most volatile stocks in US Market||15.5%|
|10% least volatile stocks in US Market||2.8%|
Stable Share Price: ALT is more volatile than 90% of US stocks over the past 3 months, typically moving +/- 16% a week.
Volatility Over Time: ALT's weekly volatility (16%) has been stable over the past year, but is still higher than 75% of US stocks.
About the Company
Altimmune, Inc., a clinical stage biopharmaceutical company, focuses on developing treatments for obesity and liver diseases. The company’s lead product candidate, pemvidutide (proposed INN, formerly known as ALT-801), is a GLP-1/glucagon dual receptor agonist that is in Phase 1b trial for the treatment of obesity and non-alcoholic steatohepatitis. It is also developing HepTcell, an immunotherapeutic product candidate, which is in Phase 2 clinical trial for patients chronically infected with the hepatitis B virus.
Altimmune Fundamentals Summary
|ALT fundamental statistics|
Is ALT overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|ALT income statement (TTM)|
|Cost of Revenue||US$81.24m|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
|Earnings per share (EPS)||-1.98|
|Net Profit Margin||-2,789.26%|
How did ALT perform over the long term?See historical performance and comparison
Is ALT undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 1/6
Price-To-Book vs Peers
Price-To-Book vs Industry
Price-To-Book vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for ALT?
Other financial metrics that can be useful for relative valuation.
|What is ALT's n/a Ratio?|
Price to Book Ratio vs Peers
How does ALT's PB Ratio compare to its peers?
|ALT PB Ratio vs Peers|
|Company||PB||Estimated Growth||Market Cap|
INO Inovio Pharmaceuticals
VRDN Viridian Therapeutics
NRIX Nurix Therapeutics
Price-To-Book vs Peers: ALT is good value based on its Price-To-Book Ratio (3.2x) compared to the peer average (6.7x).
Price to Earnings Ratio vs Industry
How does ALT's PE Ratio compare vs other companies in the US Biotechs Industry?
Price-To-Book vs Industry: ALT is expensive based on its Price-To-Book Ratio (3.2x) compared to the US Biotechs industry average (1.6x)
Price to Book Ratio vs Fair Ratio
What is ALT's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PB Ratio||3.2x|
|Fair PB Ratio||n/a|
Price-To-Book vs Fair Ratio: Insufficient data to calculate ALT's Price-To-Book Fair Ratio for valuation analysis.
Share Price vs Fair Value
What is the Fair Price of ALT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: Insufficient data to calculate ALT's fair value for valuation analysis.
Significantly Below Fair Value: Insufficient data to calculate ALT's fair value for valuation analysis.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.
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How is Altimmune forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
Future Growth Score2/6
Future Growth Score 2/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: ALT is forecast to remain unprofitable over the next 3 years.
Earnings vs Market: ALT is forecast to remain unprofitable over the next 3 years.
High Growth Earnings: ALT is forecast to remain unprofitable over the next 3 years.
Revenue vs Market: ALT's revenue (67.3% per year) is forecast to grow faster than the US market (7.7% per year).
High Growth Revenue: ALT's revenue (67.3% per year) is forecast to grow faster than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if ALT's Return on Equity is forecast to be high in 3 years time
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How has Altimmune performed over the past 5 years?
Past Performance Score0/6
Past Performance Score 0/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: ALT is currently unprofitable.
Growing Profit Margin: ALT is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: ALT is unprofitable, and losses have increased over the past 5 years at a rate of 21.7% per year.
Accelerating Growth: Unable to compare ALT's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: ALT is unprofitable, making it difficult to compare its past year earnings growth to the Biotechs industry (29.2%).
Return on Equity
High ROE: ALT has a negative Return on Equity (-49.83%), as it is currently unprofitable.
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How is Altimmune's financial position?
Financial Health Score6/6
Financial Health Score 6/6
Short Term Liabilities
Long Term Liabilities
Stable Cash Runway
Forecast Cash Runway
Financial Position Analysis
Short Term Liabilities: ALT's short term assets ($195.5M) exceed its short term liabilities ($13.8M).
Long Term Liabilities: ALT's short term assets ($195.5M) exceed its long term liabilities ($1.5M).
Debt to Equity History and Analysis
Debt Level: ALT is debt free.
Reducing Debt: ALT has no debt compared to 5 years ago when its debt to equity ratio was 0.8%.
Cash Runway Analysis
For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.
Stable Cash Runway: ALT has sufficient cash runway for more than a year based on its current free cash flow.
Forecast Cash Runway: ALT has sufficient cash runway for 1.4 years if free cash flow continues to reduce at historical rates of 43% each year.
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What is Altimmune current dividend yield, its reliability and sustainability?
Dividend Score 0/6
Cash Flow Coverage
Dividend Yield vs Market
|Altimmune Dividend Yield vs Market|
|Market Bottom 25% (US)||1.6%|
|Market Top 25% (US)||4.6%|
|Industry Average (Biotechs)||2.8%|
|Analyst forecast in 3 Years (Altimmune)||n/a|
Notable Dividend: Unable to evaluate ALT's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.
High Dividend: Unable to evaluate ALT's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.
Stability and Growth of Payments
Stable Dividend: Insufficient data to determine if ALT's dividends per share have been stable in the past.
Growing Dividend: Insufficient data to determine if ALT's dividend payments have been increasing.
Earnings Payout to Shareholders
Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: Unable to calculate sustainability of dividends as ALT has not reported any payouts.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Vipin Garg (64 yo)
Dr. Vipin K. Garg, Ph D., has been the President, Chief Executive Officer and Director of Altimmune, Inc. since November 30, 2018. Dr. Garg joined Altimmune in November 2018 with over three decades of expe...
CEO Compensation Analysis
|Vipin Garg's Compensation vs Altimmune Earnings|
|Date||Total Comp.||Salary||Company Earnings|
|Jun 30 2022||n/a||n/a|
|Mar 31 2022||n/a||n/a|
|Dec 31 2021||US$3m||US$566k|
|Sep 30 2021||n/a||n/a|
|Jun 30 2021||n/a||n/a|
|Mar 31 2021||n/a||n/a|
|Dec 31 2020||US$1m||US$514k|
|Sep 30 2020||n/a||n/a|
|Jun 30 2020||n/a||n/a|
|Mar 31 2020||n/a||n/a|
|Dec 31 2019||US$815k||US$500k|
|Sep 30 2019||n/a||n/a|
|Jun 30 2019||n/a||n/a|
|Mar 31 2019||n/a||n/a|
|Dec 31 2018||US$2m||US$44k|
Compensation vs Market: Vipin's total compensation ($USD2.63M) is below average for companies of similar size in the US market ($USD4.14M).
Compensation vs Earnings: Vipin's compensation has increased whilst the company is unprofitable.
Experienced Management: ALT's management team is considered experienced (4.1 years average tenure).
Experienced Board: ALT's board of directors are considered experienced (4.8 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
|15 Jun 22||BuyUS$8,000||David Drutz||Individual||1,000||US$8.00|
|24 May 22||BuyUS$5,400||David Drutz||Individual||1,200||US$4.50|
|Owner Type||Number of Shares||Ownership Percentage|
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 23.7%.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
Altimmune, Inc.'s employee growth, exchange listings and data sources
- Name: Altimmune, Inc.
- Ticker: ALT
- Exchange: NasdaqGM
- Founded: 1997
- Industry: Biotechnology
- Sector: Pharmaceuticals & Biotech
- Implied Market Cap: US$628.551m
- Shares outstanding: 48.99m
- Website: https://altimmune.com
Number of Employees
- Altimmune, Inc.
- 910 Clopper Road
- Suite 201S
- United States
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|ALT||NasdaqGM (Nasdaq Global Market)||Yes||Common Shares||US||USD||May 2017|
|3G0||DB (Deutsche Boerse AG)||Yes||Common Shares||DE||EUR||May 2017|
|ALT1 *||BMV (Bolsa Mexicana de Valores)||Yes||Common Shares||MX||MXN||May 2017|
|0A4C||LSE (London Stock Exchange)||Yes||Common Shares||GB||USD||May 2017|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/10/03 00:00|
|End of Day Share Price||2022/10/03 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.