Altimmune Inc (ALT)
NASDAQ:ALT
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Altimmune
(NASDAQ:ALT)
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Rating:49Neutral
Price Target:
$3.00
▼(-14.29% Downside)
Action:ReiteratedDate:04/25/26
Overall score is held back primarily by weak financial performance (persistent losses and ongoing cash burn) and bearish technicals (below major moving averages with negative MACD). These are partially offset by a constructive earnings-call outlook driven by Phase II results, regulatory progress, and stated funding runway, while valuation remains difficult to support given negative earnings and no dividend.
Positive Factors
Clinical Efficacy
Robust Phase II signals (early NASH resolution, antifibrotic improvements and sustained 7.5% weight loss) provide durable evidence of target engagement and differentiated clinical benefit. Such reproducible efficacy supports a well-powered Phase III design and improves the odds of regulatory and commercial success if results hold.
Negative Factors
Sustained Cash Burn
Consistent negative operating and free cash flow reflects an R&D-heavy pre-commercial model and ongoing reliance on financing. Even with recent raises, persistent burn raises the probability of future dilution or financing needs, constraining strategic optionality and making disciplined cash management essential through Phase III.
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Positive Factors
Negative Factors
Clinical Efficacy
Robust Phase II signals (early NASH resolution, antifibrotic improvements and sustained 7.5% weight loss) provide durable evidence of target engagement and differentiated clinical benefit. Such reproducible efficacy supports a well-powered Phase III design and improves the odds of regulatory and commercial success if results hold.
Read all positive factors
Altimmune (ALT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$505.32M
Dividend YieldN/A
Average Volume (3M)3.02M
Price to Earnings (P/E)―
Beta (1Y)1.56
Revenue Growth105.00%
EPS Growth24.14%
CountryUS
Employees59
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.27
Shares Outstanding194,355,180
10 Day Avg. Volume2,166,078
30 Day Avg. Volume3,017,120
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)1.41
Price to Sales (P/S)7757.46
P/FCF Ratio-4.71
Enterprise Value/Market Cap0.44
Enterprise Value/Revenue5.46K
Enterprise Value/Gross Profit-15.02
Enterprise Value/Ebitda-2.50
Forecast
1Y Price Target
$11.93Price Target Upside240.86% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)-1.1
Revenue Forecast (FY)$5.60K
Altimmune Business Overview & Revenue Model
Company Description
Altimmune, Inc., a clinical stage biopharmaceutical company, focuses on developing treatments for obesity and liver diseases. The company's lead product candidate, pemvidutide (proposed INN, formerly known as ALT-801), is a GLP-1/glucagon dual rec...
How the Company Makes Money
Altimmune does not have meaningful recurring revenue from commercial product sales because it has no FDA-approved (or otherwise approved) marketed products. The company’s funding historically comes primarily from financing activities (e.g., issuin...
Altimmune Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 19, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive outlook driven by robust Phase II clinical data (early NASH resolution, antifibrotic signals, 7.5% weight loss at 48 weeks), favorable tolerability, FDA Breakthrough designation, clear alignment with the FDA on Phase III design, completed AUD enrollment, and a strengthened balance sheet with a pro forma cash position (~$340M) providing runway into 2028. Key risks discussed included increased near-term operating expenses and G&A, a widened net loss, reliance on biopsy-driven endpoints (NITs not yet registrational), operational and enrollment execution risks for a large global Phase III, and competitive dynamics in the dual-agonist space. On balance, the positives (clinical differentiation, regulatory progress, funding runway, commercial interest) outweigh the challenges, though execution and funding discipline will be critical as Phase III is initiated.Positive Updates
Strong Phase II MATCH and IMPACT Clinical Results
PEMB demonstrated early NASH resolution at 24 weeks and clear antifibrotic activity at 48 weeks with dose response supporting 1.8 mg focus and evaluation of 2.4 mg. Key noninvasive tests (ELF, liver stiffness, ALT, cT1) improved, and 1.8 mg produced 7.5% mean weight loss at 48 weeks with no plateau.
Negative Updates
Increase in Net Loss Year-over-Year
Full-year 2025 net loss was $27.4M ($0.27/share) versus $23.2M ($0.33/share) in 2024, an increase of $4.2M (≈+18.1% year-over-year), reflecting higher overall spending and transitional costs.
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Q4-2025 Updates
Positive
Negative
Strong Phase II MATCH and IMPACT Clinical Results
PEMB demonstrated early NASH resolution at 24 weeks and clear antifibrotic activity at 48 weeks with dose response supporting 1.8 mg focus and evaluation of 2.4 mg. Key noninvasive tests (ELF, liver stiffness, ALT, cT1) improved, and 1.8 mg produced 7.5% mean weight loss at 48 weeks with no plateau.
Read all positive updates
Company Guidance
The company guided that it expects to initiate the pivotal Phase III NASH study in 2026, a global trial enrolling ~1,800 patients split into a biopsy cohort of ~990 patients (330 per arm: placebo, PEMB 1.8 mg, PEMB 2.4 mg) and a ~800‑patient NIT cohort, with dosing to start at 1.2 mg and a one‑ or two‑step monthly titration to 1.8 mg or 2.4 mg; the study is powered >90% for the two primary 52‑week endpoints (NASH resolution without fibrosis worsening and fibrosis improvement without NASH worsening) to support accelerated approval (part 1 alpha = 0.1), will use AI‑assisted histology, and will collect safety, weight loss, body composition and PRO data, with five‑year clinical outcomes required for full approval. Other timelines: Phase II AUD (RECLAIM) enrollment complete with top‑line data expected in Q3 2026, ALD Phase II enrollment to complete in 2026. Phase II MATCH showed 7.5% mean weight loss at 48 weeks (1.8 mg), low discontinuations, and improvements in ELF, liver stiffness, ALT and cT1. Financially, year‑end cash was ~$274M (pro‑forma ~$340M after January financings), 2025 cash OpEx ≈ $67.5M (excluding $16M noncash comp), Q4 R&D $18.4M, net loss 2025 $27.4M ($0.27/sh), and management expects runway into 2028.Altimmune Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
62
Positive
Cash Flow
26
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 41.00K | 20.00K | 426.00K | -68.00K | 4.41M |
| Gross Profit | -71.00K | 20.00K | 426.00K | -68.00K | 4.41M |
| EBITDA | -94.49M | -94.81M | -87.94M | -84.41M | -96.53M |
| Net Income | -88.09M | -95.06M | -88.45M | -84.71M | -97.09M |
Balance Sheet | |||||
| Total Assets | 279.93M | 139.31M | 210.64M | 206.93M | 218.87M |
| Cash, Cash Equivalents and Short-Term Investments | 273.46M | 131.89M | 197.81M | 184.88M | 190.30M |
| Total Debt | 35.69M | 1.68M | 671.00K | 1.12M | 1.53M |
| Total Liabilities | 55.04M | 15.80M | 16.54M | 21.64M | 19.73M |
| Stockholders Equity | 224.89M | 123.51M | 194.10M | 185.29M | 199.13M |
Cash Flow | |||||
| Free Cash Flow | -67.55M | -79.85M | -75.86M | -62.71M | -90.55M |
| Operating Cash Flow | -67.53M | -79.85M | -75.81M | -62.59M | -78.24M |
| Investing Cash Flow | -132.47M | -28.39M | 13.73M | -73.40M | 87.52M |
| Financing Cash Flow | 206.84M | 10.04M | 86.11M | 56.78M | 65.10M |
Altimmune Technical Analysis
Neutral
3.50
Price Trends
3.82
Negative
4.28
Negative
4.10
Negative
Market Momentum
-0.09
Negative
51.20
Neutral
78.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALT, the sentiment is Neutral. The current price of 3.5 is above the 20-day moving average (MA) of 3.28, below the 50-day MA of 3.82, and below the 200-day MA of 4.10, indicating a neutral trend. The MACD of -0.09 indicates Negative momentum. The RSI at 51.20 is Neutral, neither overbought nor oversold. The STOCH value of 78.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ALT.
Altimmune Risk Analysis
Altimmune disclosed 65 risk factors in its most recent earnings report. Altimmune reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Altimmune Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $734.00M | -9.36 | -57.29% | ― | ― | -16.30% | |
54 Neutral | $325.99M | -11.41 | -77.62% | ― | ― | -16.11% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $505.32M | -3.61 | -49.35% | ― | 105.00% | 24.14% | |
48 Neutral | $421.93M | -63.66 | -67.33% | ― | ― | 29.16% | |
47 Neutral | $487.01M | -5.39 | -55.83% | ― | ― | -48.08% | |
41 Neutral | $29.55M | -1.38 | -81.31% | ― | -64.00% | 91.26% |
* Healthcare Sector Average
ALT
Altimmune
2.60
-3.17
-54.94%
TVRD
Tvardi Therapeutics
3.15
-23.58
-88.22%
DMAC
Diamedica Therapeutics
6.05
1.82
43.03%
DRTS
Alpha Tau Medical Ltd
8.34
5.74
220.77%
ENGN
enGene Holdings
7.27
3.45
90.31%
LXEO
Lexeo Therapeutics, Inc.
5.70
1.06
22.74%
Altimmune Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Altimmune Raises $211 Million in Equity Offering
Positive
Apr 24, 2026
On April 22, 2026, Altimmune entered into an underwriting agreement with Leerink Partners and Barclays to sell 64,250,000 shares of common stock with accompanying warrants, plus up to 10,750,000 pre-funded warrants, at a public offering price of $...
Business Operations and StrategyShareholder Meetings
Altimmune Stockholders Approve Proposals at 2026 Annual Meeting
Positive
Apr 16, 2026
On April 16, 2026, Altimmune, Inc. held its 2026 Annual Meeting of Stockholders, with 67.8% of the company’s 130.1 million outstanding common shares present or represented by proxy, establishing a quorum for voting. Stockholders re-elected a...
Regulatory Filings and ComplianceShareholder Meetings
Altimmune Sets 2026 Annual Stockholder Meeting Timeline
Neutral
Feb 3, 2026
Altimmune has scheduled its 2026 Annual Meeting of Stockholders for April 16, 2026, shifting the event to the second quarter to align with the standard annual meeting calendar for companies with a December 31 fiscal year-end, and set March 13, 202...
Private Placements and Financing
Altimmune Announces $75 Million Registered Direct Equity Offering
Positive
Jan 28, 2026
On January 27, 2026, Altimmune, Inc. entered into a Securities Purchase Agreement with a new fundamental institutional investor for a registered direct offering of 12,397,920 shares of common stock and pre-funded warrants to purchase up to 4,647,5...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.