Altimmune, Inc. (ALT) Gains Analyst Support as Pemvidutide Advances

Altimmune, Inc. (NASDAQ:ALT) is one of the best high-return penny stocks to buy right now. On February 13, Titan Partners initiated coverage of Altimmune, Inc. (NASDAQ:ALT) with a Buy rating and a $7 target. The analysts said pemvidutide’s Phase II results look promising and called Altimmune a high‑risk, high‑reward stock that could go above the target if Phase III data is strong.

On January 29, Altimmune Inc. closed a direct offering of 17.05 million shares of common stock. The company generated $75 million in gross proceeds from the offering. It plans to use net proceeds from the offering to fund an upcoming Phase 3 trial of pemvidutide, its candidate drug targeting metabolic dysfunction-associated steatohepatitis (MASH). The drug has already received Breakthrough Therapy Designation from the US Food and Drug Administration for MASH treatment.

“This investment is an important step in strengthening Altimmune’s balance sheet and increasing our operational and strategic flexibility as we move toward initiation of our Phase 3 trial,” said Jerry Durso, president and chief executive officer.

Earlier on January 27, Evercore ISI reiterated an Outperform rating on Altimmune and cut the price target to $22 from $25. Despite the price target cut, the research firm remains confident about the company’s long-term prospects, driven by candidate drug pemvidutide. According to the research firm, the candidate drug makes “complete sense” and has already received Breakthrough Therapy Designation from the FDA.

Altimmune, Inc. (NASDAQ:ALT) is a clinical-stage biopharmaceutical company focused on developing peptide-based therapeutics for obesity and liver diseases, primarily using its lead candidate, pemvidutide. Pemvidutide is a GLP-1/glucagon dual receptor agonist designed to treat obesity and metabolic dysfunction-associated steatohepatitis (MASH) by reducing liver fat and promoting weight loss.

READ NEXT: Top 10 Materials Stocks to Buy According to Analysts and 10 Best Organic Food and Farming Stocks to Buy Now.

Disclosure: None. This article is originally published at Insider Monkey.