Altimmune Raises $75M to Fund Phase III MASH Trial After Buy Rating
Titan Partners initiated coverage on Feb. 13 with a Buy rating and $7 price target, citing promising Phase II data for lead candidate pemvidutide. On Jan. 29, Altimmune closed a 17.05M-share offering raising $75M to fund its upcoming Phase III MASH trial, which holds FDA Breakthrough Therapy status.
1. Titan Partners Initiates Coverage
Titan Partners initiated coverage on Feb. 13 assigning a Buy rating and a $7 price target, highlighting the promising Phase II data for pemvidutide and labeling the stock high-risk, high-reward if Phase III data prove robust.
2. $75M Financing for Phase III Trial
On Jan. 29, Altimmune closed a direct offering of 17.05 million shares, raising $75 million in gross proceeds to support initiation of the Phase III trial for MASH treatment, bolstering the company’s operational flexibility and balance sheet.
3. Evercore ISI Maintains Outperform with Lower Target
On Jan. 27, Evercore ISI reiterated an Outperform rating but reduced its price target from $25 to $22, maintaining confidence in Altimmune’s long-term outlook driven by pemvidutide’s clinical potential.
4. Pemvidutide’s Clinical Prospects and FDA Status
Pemvidutide, a GLP-1/glucagon dual receptor agonist, is designed to reduce liver fat and promote weight loss in metabolic dysfunction-associated steatohepatitis, and carries FDA Breakthrough Therapy Designation, expediting its development pathway.