Altimmune (NASDAQ:ALT) Shares Gap Up on Strong Earnings

Altimmune, Inc. (NASDAQ:ALT) shares gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $7.35, but opened at $7.62. Altimmune shares last traded at $8.47, with a volume of 3,904,249 shares changing hands.

The company reported ($0.32) EPS for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.03. Altimmune had a negative return on equity of 52.60% and a negative net margin of 199,076.92%. The company had revenue of $0.01 million for the quarter. During the same quarter in the prior year, the firm posted ($0.39) earnings per share.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ALT shares. HC Wainwright reiterated a “buy” rating and set a $12.00 price objective on shares of Altimmune in a research report on Thursday, August 22nd. UBS Group initiated coverage on Altimmune in a research note on Tuesday. They set a “buy” rating and a $26.00 price objective on the stock. B. Riley reaffirmed a “buy” rating and issued a $20.00 price objective on shares of Altimmune in a research note on Monday, August 12th. Finally, Evercore ISI raised shares of Altimmune to a “strong-buy” rating in a research note on Friday, August 9th. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $20.00.

Insider Transactions at Altimmune

In other Altimmune news, Director David Drutz sold 16,011 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $6.90, for a total value of $110,475.90. Following the completion of the sale, the director now directly owns 41,958 shares of the company’s stock, valued at $289,510.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.10% of the company’s stock.

Hedge Funds Weigh In On Altimmune

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. CANADA LIFE ASSURANCE Co bought a new stake in shares of Altimmune in the 1st quarter valued at about $44,000. Larson Financial Group LLC purchased a new position in shares of Altimmune in the 3rd quarter valued at $31,000. TFO Wealth Partners LLC bought a new position in shares of Altimmune in the 1st quarter worth $51,000. Horizon Wealth Management LLC bought a new stake in Altimmune during the second quarter valued at about $66,000. Finally, PFG Investments LLC bought a new stake in Altimmune during the second quarter valued at about $67,000. Institutional investors own 78.05% of the company’s stock.

Altimmune Price Performance

The firm has a market capitalization of $676.59 million, a P/E ratio of -6.14 and a beta of 0.09. The stock’s fifty day simple moving average is $6.95 and its 200 day simple moving average is $6.89.

About Altimmune

Altimmune, Inc, a clinical stage biopharmaceutical company, focuses on developing treatments for obesity and liver diseases. The company's lead product candidate, pemvidutide, a GLP-1/glucagon dual receptor agonist that is in Phase 2 trial for the treatment of obesity and metabolic dysfunction-associated steatohepatitis.