H.C. Wainwright Sees Buying Opportunity In This Biotech Stock Sell Off

H.C. Wainwright said that Altimmune Inc ALT reported "positive" Phase 1 trial pemvidutide data, formerly known as ALT-801, in obese patients.
However, shares dropped, which he sees primarily because one patient experienced elevated ALT levels that resolved after a pause in dosing.
Some of the losses have since been recovered after the stock was down 20.6% as of 10:46 a.m. ET on Tuesday.
Related Link: See Why Altimmune Stock Plunged After Obesity Trial Data.
Management emphasized that the adverse event occurred in one out of 100 patients enrolled in the trial, in a patient who would not ordinarily be enrolled in an obesity or NASH study.
Analyst Patrick Trucchio believes that ALT elevation might not occur in the future.
He believes the selloff on such "a potential one-off event" has created a "compelling buying opportunity" ahead of multiple study starts and trial data readouts expected throughout 2022.
The analyst keeps a Buy rating and $25 price target on Altimmune shares.
Price Action: ALT stock is down 6.25% at $14.24 during the market session on the last check Tuesday.