Altimmune Stock Is Tanking: What's Going On?

Altimmune Inc ALT shares are falling Wednesday morning. The company announced topline results from its 12-week Phase 1b study of pemvidutide in subjects with non-alcoholic fatty liver disease.

The primary efficacy endpoint was the percent reduction in liver fat content from baseline, which was met in all pemvidutide treatment groups. At the 1.8 milligram dose, pemvidutide achieved a mean reduction of liver fat content of 68.5%.

The key secondary efficacy endpoint was the percent weight loss from baseline. Altimmune said the trial also met its key secondary endpoint in all pemvidutide treatment groups.

"The marked decreases in both liver fat and serum ALT, together with approximately 5% weight loss in just 12 weeks in this NAFLD patient population, highlight pemvidutide as potentially a promising therapeutic for both NASH and obesity." said Dr. Stephen Harrison, principal investigator for the trial. 

"It is important to recognize that the baseline liver fat content and demographics in this study diverged substantially from a typical obesity study population," he added.

Altimmune is a clinical-stage biopharmaceutical company focused on the development of novel peptide-based therapeutics for the treatment of obesity and liver diseases.

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ALT Price Action: Altimmune has a 52-week high of $23.49 and a 52-week low of $3.83.

The stock was down 59.3% at $8.30 Wednesday morning, according to Benzinga Pro.

Photo: fernando zhiminaicela from Pixabay.