Altimmune (ALT) Stock Forecast & Price Target

Altimmune is well capitalized to execute on pemvidutide’s late-stage development, with pro forma cash, cash equivalents, and short-term investments of approximately $535 million as of April 30, enough to fund operations through the PERFORMA 52-week readout in 2029. Its lead MASH program has been de-risked by finalizing the PERFORMA protocol, submitting it to the FDA, and aligning with EMA feedback, while the 1,800-patient Phase 3 design and supportive 48-week IMPACT data strengthen the case for meaningful efficacy and tolerability. Additional upside comes from near-term alcohol-related catalysts in 3Q26 and pemvidutide’s differentiated profile—simple titration, quality weight loss, and potential lean-mass preservation—backed by modeled peak annual revenues of over $5.0 billion in MASH and over $4.8 billion in AUD/ALD.

Altimmune is viewed negatively because pemvidutide remains at an early stage with only biologic rationale for NASH, while proof-of-concept data in NAFLD patients is still pending and its clinical profile has not yet been validated against a crowded competitive landscape in NASH and obesity. The company also faces meaningful commercial uncertainty, since NASH is a nascent market with unresolved questions around market size, pricing, and distribution, and more advanced players may establish the market before Altimmune can meaningfully participate. Although the strengthened balance sheet supports a runway through Phase 3 data and the discount rate was lowered to 12.5%, future capital needs remain a concern because clinical development is costly and recent financing increased dilutive shares.