Altimmune (ALT) Stock Forecast & Price Target

Altimmune is well-positioned for success with their late clinical-stage candidate, pemvidutide, which has a differentiated clinical profile and potential peak annual revenues of over $5 billion. The company's strong cash position and recent dilutive financing has fully funded the Phase 3 PERFORMA trial, expected to begin in 2H26 and readout in 2029. With additional catalysts approaching in alcohol-related diseases and a recent presentation at EASL showcasing positive data for IMPACT, we see Altimmune as a Buy with a price target of $13 per share.

Altimmune is a clinical-stage biopharmaceutical company that has a key candidate, pemvidutide, targeting metabolic dysfunction-associated steatohepatitis (MASH), alcohol use disorder (AUD), and alcohol-associated liver disease (ALD). However, the limited institutional evaluation and competition in this space, along with regulatory and clinical risks, may negatively impact the company's revenue generation and ability to penetrate the market. The positive read-through from IMPACT's NIT improvements may not fully translate to the ALD and AUD programs, and even if pemvidutide is approved, it may face challenges in market acceptance and competition from more advanced candidates. Additionally, the regulatory pathway for NASH clinical development is still uncertain, which may result in delays or additional studies needed for approval.