Altimmune (ALT) has raised $75 million in new funding, giving the biotech company a boost as it continues developing its experimental obesity drug, pemvidutide. The financing comes as the company looks to compete more effectively in the fast-growing weight loss drug market dominated by Novo Nordisk (NVO) and Eli Lilly (LLY).
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The capital raise was completed through a registered direct offering, selling shares and warrants to institutional investors. The company said the funds will help support its ongoing clinical trials, including the Phase 2 MOMENTUM study testing pemvidutide for obesity and related metabolic conditions.
Barclays Sees Big Upside for ALT Stock
ALT stock has gained over 52% in the past three months. The rally is driven by Altimmune’s strong clinical momentum, especially after positive Phase 2 results for pemvidutide in both obesity and MASH. Also, the company is preparing for Phase 3 trials, backed by encouraging safety, weight‑loss, and liver‑health data.
Importantly, Barclays analyst Eliana Merle recently started coverage on Altimmune stock with a Buy rating and a $20 price target (124% upside potential). The analyst also launched coverage on more than 20 biotech names, saying she has a positive outlook for the sector heading into 2026.
Merle said many biotech stocks still look undervalued and she expects strong fundamentals, more M&A activity, and less pressure on drug pricing to help drive the group higher.
Is ALT a Good Stock to Buy?
Turning to Wall Street, ALT stock has a Strong Buy consensus rating based on three Buys and one Hold assigned in the last three months. At $13.00, the average Altimmune stock price target implies a 110.36% upside potential.
