GAITHERSBURG, Md. - Altimmune, Inc. (NASDAQ:ALT), a clinical-stage biopharmaceutical company trading at $7.90 per share, will be included in the Nasdaq Biotechnology Index (NASDAQ:NBI) starting Monday, December 23, 2024. Despite an 8% decline over the past week, the stock has shown resilience with a 34% gain over the last six months. The company's President and CEO, Vipin K. Garg, Ph.D., acknowledged the inclusion as a nod to the company's progress over the past year. According to InvestingPro, analysts maintain a bullish stance with price targets ranging from $12 to $28.
The Nasdaq Biotechnology Index, established in 1993, tracks the performance of biotechnology and pharmaceutical companies listed on Nasdaq, based on market capitalization, trading volume, and other criteria. The index is used by the iShares NASDAQ Biotechnology Index Fund (NASDAQ:IBB) and is reevaluated annually. With a market capitalization of approximately $562 million, Altimmune maintains a strong financial position, holding more cash than debt on its balance sheet and maintaining a healthy current ratio of 16.87, as revealed by InvestingPro data.
Altimmune is currently advancing its product candidate, pemvidutide, a peptide-based GLP-1/glucagon dual receptor agonist aimed at treating obesity and metabolic-associated fatty liver disease (MAFLD), formerly known as non-alcoholic steatohepatitis (MASH). Pemvidutide has shown promising results in clinical trials, including weight loss and improvements in triglycerides, LDL cholesterol, liver fat content, and blood pressure. The U.S. Food and Drug Administration (FDA) has granted pemvidutide Fast Track designation for the treatment of MASH.
The company anticipates significant milestones in 2025, with top-line data from the Phase 2b IMPACT trial of pemvidutide for MASH expected in the second quarter. This addition to the NBI comes as Altimmune prepares for these upcoming clinical results.
This news was announced through a press release from Altimmune, Inc. and reflects the company's status as of December 2024. For investors seeking deeper insights, InvestingPro offers comprehensive analysis through its Pro Research Report, including 12 additional ProTips and detailed financial metrics that help evaluate biotechnology investments. The platform's Fair Value assessment suggests the stock is currently trading at fair value levels.
In other recent news, Altimmune, Inc. reported promising results from its Phase 1b clinical trial of pemvidutide, a drug aimed at treating metabolic dysfunction-associated steatotic liver disease (MASLD). The trial data indicated significant reductions in liver fat content and cholesterol levels in subjects with obesity or overweight conditions. Altimmune maintains a strong financial standing, with more cash than debt, and reported a net loss of $22.8 million for the quarter, with sufficient funds to support its operations into the first half of 2026.
Altimmune CEO, Vipin Garg, recently discussed potential partnerships that could bring value to the company's assets, emphasizing the benefits of pemvidutide, though no new strategic partnerships have been finalized in the past 12 months. The company has also completed enrollment for its Phase 2b IMPACT trial of pemvidutide for MASH, with efficacy data expected by Q2 2025.
These developments highlight Altimmune's ongoing efforts in the development of pemvidutide and the potential it holds for treating obesity-related liver diseases. However, the future of the company and its drug candidate will likely depend on the successful completion of ongoing trials and the realization of pemvidutide's market potential.
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