Jefferies believes Altimmune (ALT) stock dropping 50% after the company announced results from its IMPACT study is overkill, as data met the firm’s most likely scenario. Jefferies sees pemvidutide as a viable/safe drug uniquely positioned in MASH as the first incretin to hit statistical significance on histology at 24 weeks with potential to deepen with time and thinks these factors differentiate the drug from the fibroblast growth factor 21 class, the firm told investors in a research note. Jefferies added that the company can take meaningful share in the growing MASH market if successful. The firm reiterated a Buy rating and $28 price target on shares.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on ALT:
- Altimmune price target under review after pemvi data, says B. Riley
- Altimmune’s Pemvi hits MASH goal, shows broad potential, says Stifel
- Altimmune’s Pemvidutide: Promising Phase 2b Results Reinforce Buy Rating Amid Stock Decline
- Altimmune selloff on MASH data overdone, says H.C. Wainwright
- Altimmune Announces Positive Phase 2b Trial Results