Gaithersburg-based pharmaceutical company Altimmune (NASDAQ:ALT), Inc. announced positive results from its Phase 1b clinical trial of pemvidutide, a drug aimed at treating metabolic dysfunction-associated steatotic liver disease (MASLD).
The data, presented at The Liver Meeting® of the American Association for the Study of Liver Diseases on November 15, 2024, showed promising outcomes for subjects with overweight or obesity.
According to InvestingPro data, Altimmune maintains a strong financial position with more cash than debt and a healthy current ratio of 16.87, providing adequate resources for continued drug development.
In the trial, 94 participants with obesity or overweight and liver fat content (LFC) of 10% or higher were randomly assigned to receive either pemvidutide in three different dosages (1.2mg, 1.8mg, and 2.4mg) or a placebo. The treatment was administered subcutaneously once a week for a period of 12 weeks.
The results indicated that pemvidutide led to a significant reduction in LFC, with a decrease of up to 68.5% from the baseline measurement. Additionally, the study found reductions in total cholesterol and triglycerides by up to 12.2% and 44.6%, respectively, after the 12-week treatment period.
Altimmune, which is listed on the NASDAQ Global Market under the ticker symbol NASDAQ:ALT, has seen its shares react to the news. While the stock has experienced an 8.5% decline over the past week, it has shown impressive strength with a 73% return over the last year. Analysts maintain a bullish outlook, with price targets ranging from $10 to $28 per share.
Investors and industry observers are paying close attention to the development of pemvidutide due to the large potential market for treatments targeting obesity-related liver diseases. InvestingPro subscribers have access to 14 additional investment tips and comprehensive analysis for ALT.
The information disclosed is based on a statement from the company's 8-K filing with the Securities and Exchange Commission. The Chief Financial Officer of Altimmune, Gregory Weaver, signed off on the report dated today, December 11, 2024.
As the development of pemvidutide continues, Altimmune is expected to proceed to further clinical trials to confirm these findings and to evaluate the long-term efficacy and safety of the drug. With a market capitalization of $619.5 million and trading near InvestingPro's Fair Value estimate, the company's progress in this area marks a significant step in addressing the unmet medical needs of individuals with MASLD.
For detailed insights into Altimmune's financial health, valuation metrics, and growth potential, access the comprehensive Pro Research Report available on InvestingPro.
In other recent news, Altimmune, a clinical-stage biopharmaceutical company, has made significant strides in its development of pemvidutide, a drug candidate for obesity and Metabolic Dysfunction Associated Steatohepatitis (MASH).
The company reported a net loss of $22.8 million for the quarter, with research and development expenses standing at $19.8 million. Despite this, Altimmune maintains sufficient funds of $139.4 million to support its operations into the first half of 2026.
The company completed enrollment for its Phase 2b IMPACT trial of pemvidutide for MASH, with top-line efficacy data expected by Q2 2025. A comprehensive Phase 3 program for obesity, including four pivotal trials, has been aligned with the FDA. Altimmune is also planning an end of Phase 2 meeting with the FDA in Q4 2025.
CEO Vipin Garg recently appeared on CNBC, discussing potential partnerships that could bring value to the company's assets and highlighting the benefits of pemvidutide. He emphasized the drug's capabilities in improving lipid levels and preserving lean muscle mass. However, no new strategic partnerships have been finalized in the past 12 months. These are among the recent developments in Altimmune's ongoing efforts.
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