Altimmune (ALT) PT More Than Doubles to $34 at Piper Sandler Ahead of Imminent Obesity Data

Piper Sandler analyst Yasmeen Rahimi raised the price target on Altimmune (NASDAQ: ALT) to $34.00 (from $16.00) in anticipation of the 12wks Phase 1b obesity data of ALT-801 expected by mid to late-September.

The analyst maintained an Overweight rating, stating "Based on our detailed discussions with investors, we provide a summary of the key themes that includes data expectations, compare+contrast to the Wegovy data, origins of ALT-801 and a history lesson on the deal terms with Spitfire Pharma, and the track record of the inventor of ALT-801 in developing advanced/approved products. Based on the strong data set generated so far for ALT-801 and reinforced conviction with Wegovy approval in obesity, we have updated our model to include obesity and increase our PT to $34 from $16".

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