Evercore bullish on Altimmune, likes drug move into alcohol related disease

Evercore ISI likes the expansion of pemvidutide into alcohol liver disease and alcohol use disorder as it adds another leg to the pemvidutide story and one that Altimmune (ALT) can take the lead in. The firm also likes the 2 shots on goal. With about 35M people in the U.S. alone suffering from these conditions, it could, frankly, dwarf the MASH opportunity, it argues. There is some preclinical and anecdotal evidence to support the MOA. FDA has cleared the IND for these indications and Altimmune plans to initiate a couple of Phase 2 studies in the second half of the year. Assuming all goes well, Altimmune will need to fund a Phase 3 program later this year, on top of the AUD/ALD studies, Evercore adds. The firm has an Outperform rating on the shares with a price target of $25.