On February 13, 2024, market analyst Kerrisdale Capital released a report entitled “Altimmune Inc. (ALT): Fat Chance” (the “Report”). The Report stated, among other things, that “a deeper examination of Altimmune’s data reveals a drug [pemvidutide, formerly known as ALT-801] with little chance of competing against either the approved incumbents or the other GLP-1 agonists progressing through clinical trials.”
The Report also stated that “[b]oth semaglutide and tirzepatide (Ozempic and Mounjaro) have demonstrated superior weight-loss on a comparable basis, with the added benefit of controlling blood-sugar (which pemvidutide does not).” The Report further stated that “it gets worse: pemvidutide’s tolerability is atrocious. Despite conducting a trial that offered free and unfettered weight-loss medication amidst the Ozempic social frenzy, a third of pemvidutide trial participants – and 42% of patients taking the 2.4mg dose – discontinued treatment.” The Report summarily stated that “[t]he odds of this crew getting an edge over Novo Nordisk or Eli Lilly – with an inferior and intolerable drug – are slim.”
On this news, Altimmune’s stock price fell $1.94 per share, or 18%, to close at $8.46 per share on February 13, 2024, on unusually heavy trading volume.
