Altimmune Stock Is Diving: What's Going On?

Shares of clinical-stage biopharmaceutical company Altimmune Inc ALT are trading lower Tuesday after the company announced results from an interim analysis of an obesity trial. 

What To Know: Altimmune announced results from a Week 24 interim analysis of 160 subjects in its 48-week MOMENTUM Phase 2 obesity trial of pemvidutide, as well as results of its 12-week Phase 1b safety trial of pemvidutide. Pemvidutide is a novel, investigational, peptide-based GLP-1/glucagon dual receptor agonist in development for the treatment of obesity and non-alcoholic steatohepatitis (NASH).

The MOMENTUM trial showed mean weight loss of 10.7% at week 24. Approximately 50% of subjects achieved 10% weight loss or more and about 20% reached 15% weight loss or more. The safety trial showed 7.7% weight loss at week 12. 

President and CEO of Altimmune Vipin Garg called the results "extremely promising." 

"The ability to achieve robust reductions in body weight, waist circumference, blood pressure, and serum lipids, together with the previously demonstrated best-in-class effects on liver fat reduction, suggest that pemvidutide has the potential to be an important treatment option for patients with obesity, especially those who are at risk for liver disease, dyslipidemia and related conditions," Garg said.

Altimmune expects to complete the MOMENTUM trial in the fourth quarter. The company also anticipates the initiation of a Phase 2 NASH trial in mid-2023.

See Also: Resilient US Stocks Could Push Higher Amid Expectations Of Fed Relenting: 'FOMC Statement…Big Deal,' Says Analyst

ALT Price Action: Altimmune shares were down 35.4% at $7.05 at the time of writing, according to Benzinga Pro.

Photo: Darko Stojanovic from Pixabay.