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Investing.com - UBS maintained its Buy rating and $26.00 price target on Altimmune (NASDAQ:ALT), currently trading at $3.59, following mixed results from the company’s pemvidutide trial in metabolic dysfunction-associated steatohepatitis (MASH). The stock has fallen nearly 49% in the past week, though InvestingPro data shows analyst targets ranging from $6 to $28.
The trial showed that pemvidutide met its endpoint for MASH resolution in an intention-to-treat analysis but missed the fibrosis improvement endpoint, which had been a key focus for investors.
UBS noted that pemvidutide demonstrated some activity in MASH and would likely show greater efficacy over time, with fibrosis benefits at 24 weeks comparable to what semaglutide showed at 72 weeks in separate studies.
The investment firm believes cash runway will become a central question for investors given the mixed trial results, though it still sees long-term value potential for pemvidutide across multiple indications including MASH, obesity, and alcohol use disorders.
UBS acknowledged that while the data on fibrosis were "less compelling than we had hoped for," Altimmune has indicated it can fund the alcohol use disorder program independently.
In other recent news, Altimmune announced positive topline data from its 24-week Phase 2b IMPACT trial evaluating pemvidutide for metabolic dysfunction-associated steatohepatitis (MASH). The trial met its primary endpoint, showing MASH resolution without worsening of fibrosis in a significant percentage of participants. Despite these promising results, the improvement in fibrosis was not statistically significant. However, AI-based analyses indicated significant reductions in fibrosis, reinforcing the drug’s potential. Altimmune highlighted the drug’s favorable tolerability and weight loss effects, with a notable reduction in liver fat among participants. H.C. Wainwright maintained its Buy rating on Altimmune, while Citizens JMP and Stifel analysts reiterated their positive ratings, with price targets of $25 and $18, respectively. Altimmune plans to advance pemvidutide to Phase 3 trials and is scheduled to meet with the FDA in late 2025. The company remains focused on further exploring the drug’s potential benefits in addressing cardiovascular and metabolic health issues.
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