Altimmune selloff on MASH data overdone, says H.C. Wainwright

H.C. Wainwright analyst Patrick Trucchio says the selloff in shares of Altimmune (ALT) on the IMPACT readout appears overdone. The company announced positive topline data from the 24-week Phase 2b IMPACT trial evaluating pemvidutide in metabolic dysfunction-associated steatohepatitis, the analyst tells investors in a research note. While fibrosis improvement without worsening of MASH was observed in 31.8% and 34.5% of patients in the 1.2 mg and 1.8 mg arms, respectively, compared to 25.9% for placebo, these differences did not reach statistical significance, adds H.C. Wainwright. However, the firm says AI-based fibrosis reads and non-invasive tests showed significant improvements, “reinforcing evidence of anti-fibrotic activity.” Wainwright believes these data support advancement to Phase 3 and strengthen the case for pemvidutide as a potential best-in-class therapy. It reiterates a Buy rating on Altimmune with a $12 price target The stock in midday trading is down 55%, or $4.21, to $3.51.