Analysts see Altimmune share drop as 'buying opportunity'

 

• The Altimmune (ALT -6.4%) management confirmed that the FDA clinical hold was related to four issues - three clinical protocol issues, all of which have been resolved, and one related to a manufacturing test procedure for which data is expected in early January, with Phase 1 data still on track for Q1 next year.
• JMP Securities analyst Jonathan Wolleben notes that the hold does not change the his view that AdCOVID is a 'differentiated' COVID-19 vaccine candidate, and views any weakness as a buying opportunity and reiterates an Outperform rating with a $50 price target.
• Piper Sandler analyst Yasmeen Rahimi also has a similar view. Says while the clinical hold is a surprise, it’s not a big deal as its “very easily addressable”. Maintains overweight rating and PT of $80
• B. Riley analyst Mayank Mamtani says he sees no impact on AdCOVID’s overall clinical development timeline.
• YTD the shares have gained ~570%.
• https://seekingalpha.com/news/3647362-analysts-see-altimmune-share-drop-buying-opportunity