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Altimmune
(NASDAQ:ALT)
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Rating:57Neutral
Price Target:
$3.00
▲(8.30% Upside)
Action:Reiterated
Date:07/28/26
The score is anchored by moderate financial performance: a strong, debt-free balance sheet is offset by large ongoing losses and cash burn. The earnings call adds meaningful support due to strengthened funding runway and Phase III/regulatory progress, while technicals are mixed and valuation is constrained by negative earnings and no dividend.
Positive Factors
Debt-free balance sheet & pro forma cash runway
A debt-free balance sheet and ~$535M pro forma cash materially increase Altimmune’s ability to fund global Phase III start‑up and multi-year trials without immediate dilutive financing. This financial flexibility supports longer-term execution, CRO commitments, and clinical supply obligations through registrational milestones.
Negative Factors
Persistent cash burn and weak cash generation
Ongoing negative operating and free cash flow create structural reliance on capital markets or partnerships until commercial revenue emerges. Despite pro forma proceeds, sustained development costs for multi‑year Phase III programs mean dilution or new funding rounds remain likely if timelines extend or additional programs are pursued.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet & pro forma cash runway
A debt-free balance sheet and ~$535M pro forma cash materially increase Altimmune’s ability to fund global Phase III start‑up and multi-year trials without immediate dilutive financing. This financial flexibility supports longer-term execution, CRO commitments, and clinical supply obligations through registrational milestones.
Read all positive factors
Altimmune (ALT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$552.31M
Dividend YieldN/A
Average Volume (3M)4.02M
Price to Earnings (P/E)―
Beta (1Y)1.61
Revenue Growth80.00%
EPS Growth25.18%
CountryUS
Employees57
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.93
Shares Outstanding194,474,150
10 Day Avg. Volume2,499,239
30 Day Avg. Volume4,018,388
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$15.25Price Target Upside450.54% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)-0.6
Revenue Forecast (FY)$1.88K
Altimmune Business Overview & Revenue Model
Company Description
Altimmune, Inc. (ALT) is a clinical-stage biopharmaceutical company focused on developing peptide-based therapeutics for metabolic and liver diseases. Its pipeline includes investigational candidates such as pemvidutide, a GLP-1/glucagon dual rece...
How the Company Makes Money
As a clinical-stage biopharmaceutical company, Altimmune’s primary potential path to monetization is the successful development and eventual commercialization of its drug candidates; however, to the extent of publicly available information at a hi...
Altimmune Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed significant progress: strong financing ($225M offering; $535M pro forma cash), regulatory recognition (Breakthrough Therapy), alignment with FDA/EMA on the PERFORMA Phase III protocol, robust Phase II efficacy/tolerability signals, and near-term readouts (AUD topline; RESTORE enrollment). Challenges were mostly operational and expected for a late-stage biotech: higher G&A and R&D as programs advance, a wider net loss in the quarter, ongoing validation/integration of digital pathology tools, and a competitive landscape necessitating clear differentiation. Overall, the positives — especially the cash runway and Phase III readiness — materially outweigh the manageable execution and competitive risks.Positive Updates
Completed Oversubscribed Financing
Closed an oversubscribed public offering in April with $225.0M gross proceeds; pro forma cash of ~$535.0M as of April 30 (up from $332.0M at March 31, a ~61% increase), providing runway through the pro forma Phase III MASH 52-week data readout expected in 2029.
Negative Updates
Increased Net Loss in Q1 2026
Net loss widened to $22.6M in Q1 2026 from $19.6M in Q1 2025 (increase of $3.0M, ~15.3%), reported as $0.18 loss per share vs $0.26 prior year.
Read all updates
Q1-2026 Updates
Positive
Negative
Completed Oversubscribed Financing
Closed an oversubscribed public offering in April with $225.0M gross proceeds; pro forma cash of ~$535.0M as of April 30 (up from $332.0M at March 31, a ~61% increase), providing runway through the pro forma Phase III MASH 52-week data readout expected in 2029.
Read all positive updates
Company Guidance
On the call (May 13, 2026) management outlined near‑term and multi‑year guidance supported by key metrics: Altimmune completed an oversubscribed public offering with $225 million gross proceeds and had pro forma cash of approximately $535 million as of April 30 (reported cash was $332 million as of March 31), which the company says provides operating runway through the pro‑forma Phase III (PERFORMA) MASH 52‑week biopsy data readout expected in 2029; the PERFORMA global Phase III is planned to initiate in H2 2026 with a 1.2 mg start dose titrating (1–2 steps of 4 weeks) to 1.8 mg or 2.4 mg, powered on the 1.8 mg dose, and with the 52‑week biopsy as the accelerated‑approval endpoint (no other interim analyses planned); near‑term clinical milestones include presentation of the 48‑week IMPACT data at EASL and top‑line Phase II RECLAIM (AUD) results this year (RECLAIM is a 100‑subject, once‑weekly 24‑week study with primary endpoint change in heavy drinking days and key secondary endpoints including 0 heavy drinking days, a 2‑level WHO risk reduction and PET biomarker); Q1 2026 financials were R&D $16.2M (including $9.5M direct pemvi costs: $3.7M MASH, $4.2M AUD/ALD, $1.6M CMC; $1.2M noncash stock comp), G&A $8.1M (including $2.1M noncash stock comp), and a net loss of $22.6M or $0.18 per share.Altimmune Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
74
Positive
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 36.00K | 41.00K | 20.00K | 426.00K | -68.00K | 4.41M |
| Gross Profit | -14.95M | 41.00K | 20.00K | 426.00K | -68.00K | 4.41M |
| EBITDA | -88.27M | -87.03M | -94.81M | -87.94M | -84.41M | -96.53M |
| Net Income | -91.08M | -88.09M | -95.06M | -88.45M | -84.71M | -97.09M |
Balance Sheet | ||||||
| Total Assets | 335.63M | 279.93M | 139.31M | 210.64M | 206.93M | 218.87M |
| Cash, Cash Equivalents and Short-Term Investments | 331.54M | 273.46M | 131.89M | 197.81M | 184.88M | 190.30M |
| Total Debt | 35.85M | 35.69M | 1.68M | 671.00K | 1.12M | 1.53M |
| Total Liabilities | 51.64M | 55.04M | 15.80M | 16.54M | 21.64M | 19.73M |
| Stockholders Equity | 283.99M | 224.89M | 123.51M | 194.10M | 185.29M | 199.13M |
Cash Flow | ||||||
| Free Cash Flow | -71.67M | -67.55M | -79.85M | -75.86M | -62.71M | -90.55M |
| Operating Cash Flow | -71.64M | -67.53M | -79.85M | -75.81M | -62.59M | -78.24M |
| Investing Cash Flow | -131.06M | -132.47M | -28.39M | 13.73M | -73.40M | 87.52M |
| Financing Cash Flow | 251.20M | 206.84M | 10.04M | 86.11M | 56.78M | 65.10M |
Altimmune Technical Analysis
Positive
2.77
Price Trends
2.89
Positive
3.04
Negative
3.76
Negative
Market Momentum
<0.01
Negative
54.14
Neutral
33.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALT, the sentiment is Positive. The current price of 2.77 is below the 20-day moving average (MA) of 2.93, below the 50-day MA of 2.89, and below the 200-day MA of 3.76, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 54.14 is Neutral, neither overbought nor oversold. The STOCH value of 33.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
57 Neutral | $552.31M | -3.05 | -42.57% | ― | 80.00% | 25.18% | |
55 Neutral | $341.62M | -8.93 | -77.09% | ― | ― | -9.22% | |
52 Neutral | $1.06B | -17.60 | -73.23% | ― | ― | -42.64% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $119.91M | -1.36 | -29.34% | ― | ― | -32.34% | |
46 Neutral | $324.29M | -2.85 | -47.48% | ― | ― | 56.00% | |
45 Neutral | $19.70M | -1.32 | -64.17% | ― | -100.00% | 94.65% |
* Healthcare Sector Average
ALT
Altimmune
3.00
-0.58
-16.20%
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LXEO
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Altimmune Corporate Events
Business Operations and StrategyProduct-Related Announcements
Altimmune Reports Positive Phase 2 Data in AUD
Positive
Jul 28, 2026
On July 28, 2026, Altimmune reported positive topline data from its RECLAIM Phase 2 trial of pemvidutide 2.4 mg in patients with moderate to severe alcohol use disorder. The study, which enrolled about 100 patients with BMI above 25, showed pemvid...
Business Operations and Strategy
Altimmune Relocates Corporate Headquarters to Morristown, New Jersey
Positive
Jun 16, 2026
On June 16, 2026, Altimmune, Inc. announced it will relocate its corporate headquarters from Gaithersburg, Maryland to Morristown, New Jersey later this year, entering into a five-year office lease with annual rent of about $300,000. The move plac...
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.