Altimmune Inc

Altimmune has advanced pemvidutide into phase III development for metabolic dysfunction-associated steatohepatitis, or MASH, with the global PERFORMA study now underway. The randomized, placebo-controlled trial will evaluate MASH resolution, fibrosis improvement, and liver-related outcomes in adults with moderate-to-severe liver fibrosis, with 52-week data expected in 2029 and final approval dependent on liver-related events at about 60 months. The company ended June 2026 with $519 million in cash, cash equivalents, and short-term investments, up from $332 million at the end of March, and expects its cash runway to support operations into 2029. Pemvidutide has received Breakthrough Therapy Designation and Fast Track designation from the FDA for MASH, and Altimmune has secured manufacturing capacity for the global phase III study. The company faces competition from Novo Nordisk's semaglutide and Eli Lilly's tirzepatide and retatrutide, which are also in phase III testing for related liver conditions.

Altimmune reported second quarter 2026 financial results and provided updates on its late-stage clinical programs. The company announced the initiation of the global PERFORMA Phase III trial in MASH, with enrollment underway across approximately 300 sites, and expects 52-week data readout in 2029. Positive top-line data from the RECLAIM Phase II trial in alcohol use disorder showed a treatment difference of 1.45 heavy drinking days per week versus placebo at week 24, along with a 9.1% reduction in body weight. R&D expense was $18.7 million, G&A expense was $7.6 million, and net loss was $22.8 million, or $0.12 per share. Total cash as of June 30, 2026 was $519 million, which management said provides runway through the PERFORMA data readout, excluding a potential Phase III trial in AUD that it plans to fund through non-dilutive means.

U.S. stock futures were mixed on Tuesday as renewed concerns over artificial intelligence spending weighed on semiconductor stocks ahead of a pivotal week featuring mega-cap technology earnings and the Federal Reserve's latest interest rate decision. Dow Jones Futures rose 143 points, or 0.3%, while S&P 500 Futures slipped 9 points, or 0.1%, and Nasdaq 100 Futures fell 233 points, or 0.8%. Chipmakers remained under pressure after a broad selloff across Asian semiconductor shares overnight, with investors questioning the sustainability of the AI infrastructure boom amid rising financing costs and intensifying competition from China, further dented by the blockbuster initial public offering of ChangXin Memory Technologies in Shanghai. Among individual movers, United Parcel Service gained 2.1% after reporting second-quarter adjusted earnings of $1.76 per share on revenue of $22.8 billion, both beating estimates, and raising its full-year outlook. Carrier Global rose 3.0% after posting adjusted earnings of $0.86 per share on revenue of $6.35 billion, topping forecasts, and lifting its full-year guidance while announcing the sale of its NORESCO energy-efficiency business. Altimmune surged 18% after its Phase 2 RECLAIM trial of pemvidutide for alcohol use disorder met its primary endpoint with a statistically significant reduction in heavy drinking days. ProMIS Neurosciences climbed 13% after reporting positive six-month interim safety and biomarker data from its Phase 1b Alzheimer's disease trial for PMN310, with no cases of amyloid-related imaging abnormalities with oedema observed. BuzzFeed jumped 14.2% after unveiling a restructuring plan that will eliminate about 35% of its workforce across its BuzzFeed, HuffPost and Tasty brands. Cadence Design Systems gained 2.7% after beating second-quarter expectations and raising its full-year guidance, citing accelerating demand for AI-driven chip design tools. Amkor Technology fell 5.3% despite record second-quarter results, as its third-quarter revenue guidance came in below Wall Street forecasts. Chipmakers broadly declined, with Micron, SanDisk and Western Digital each falling around 4%, Intel dropping 3.2%, AMD losing more than 3%, Applied Materials and Marvell Technology each declining about 2.8%, Super Micro Computer slipping 2.9%, and newly listed U.S. shares of SK Hynix also falling more than 3%.

Leerink analyst Thomas Smith initiated coverage of Altimmune with an Outperform rating and a $10 price target, calling the company an attractive play in the MASH therapeutics market. The call follows 48-week results from the IMPACT Phase 2b trial of pemvidutide, a dual glucagon/GLP-1 receptor agonist, which showed significant improvements in cardiometabolic measures compared to placebo. Patients on the 1.8 mg dose saw notable improvements in triglycerides, total cholesterol, weight loss, body mass index, waist circumference, and blood pressure. The findings, presented at the European Association for the Study of the Liver Congress 2026, also indicated pemvidutide was generally well tolerated over 48 weeks.

H.C. Wainwright lowered its price target on Altimmune to $20 from $25 while reiterating a Buy rating, citing dilution from recent equity offerings but noting a strengthened funding position and progress in the MASH program. Altimmune later announced 48-week results from its IMPACT Phase 2b trial of pemvidutide in MASH, showing significant cardiometabolic improvements including reduced triglycerides, total cholesterol, weight, BMI, waist circumference, and blood pressure. The data were presented at the EASL Congress 2026 in Barcelona, with pemvidutide maintaining a favorable safety profile and only a small percentage of patients discontinuing due to adverse events. Altimmune is a clinical-stage biopharmaceutical company developing pemvidutide, a dual GLP-1/glucagon receptor agonist for metabolic and liver diseases.

Altimmune announced it will relocate its headquarters from Gaithersburg, Maryland, to Morristown, New Jersey, later this year to attract biopharma talent and improve cost efficiencies. The company said the new location places it in a region with a strong concentration of biopharmaceutical companies, which it expects will enhance its ability to recruit top-tier talent under its hybrid operating model. Altimmune signed a five-year office lease agreement for the Morristown headquarters and expects to pay approximately $300,000 in annual rent over the lease term.