Altimmune provided key pipeline updates with Q3 report, says B. Riley

B. Riley reiterates a Buy rating on Altimmune (ALT) with a $20 price target following the Q3 report. The company provided key pipeline updates relating to pemvidutide, including successful completion of FDA end of Phase 2 meeting, where the Phase 3 obesity program design was finalized, the analyst tells investors in a research note. The firm says the FDA agreed that pemvidutide presented no safety signals, with no requirement for a large-scale safety-oriented study, allowing Altimmune to focus primarily on key efficacy attributes like weight loss, lipid and liver fat reductions and lean muscle mass preservation. Riley remains confident that pemvidutide’s rapid liver de-fatting kinetics will translate in strong histology results.