Analyst Roger Song of Jefferies maintained a Buy rating on Altimmune (ALT – Research Report), with a price target of $28.00.
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Roger Song has given his Buy rating due to a combination of factors that highlight the potential of Altimmune’s drug, pemvidutide, in the MASH market. The recent Phase 2b data, despite missing the fibrosis endpoint, demonstrated significant efficacy in MASH resolution with a competitive effect size. This positions pemvidutide as a promising candidate for Phase 3 trials, especially considering the strong statistical significance achieved in MASH endpoints and the support from non-invasive data.
Furthermore, the company’s strategic decision to report biopsy data at 24 weeks has accelerated the timeline towards Phase 3, with a high probability of success due to precedents from similar drugs. The drug’s best-in-class tolerability profile and the potential for improved trial design in Phase 3, such as larger sample sizes and innovative endpoints, further strengthen its competitive position. These factors collectively suggest that pemvidutide could capture a significant share of the growing MASH market upon successful Phase 3 results and approval.
In another report released on June 27, Evercore ISI also maintained a Buy rating on the stock with a $25.00 price target.