Goldman Sachs analyst Corinne Johnson upgraded Altimmune (ALT) to Neutral from Sell with a price target of $2.50, up from $1. The company’s financing this week brings its pro forma cash on hand to $400M and “meaningfully if not fully resolves” its near-term capital constraints, the analyst tells investors in a research note. Goldman expects the key debate for the stock will now shift to the probability of the Phase 3 pemvidutide study being successful. It expects the study will not have data until 2029.
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