H.C. Wainwright Sees Buying Opportunity In Biotech Stock Selloff

 

• H.C. Wainwright said that Altimmune Inc 
  ALT-2.50%+ Free Alerts
   reported "positive" Phase 1 trial pemvidutide data, formerly known as ALT-801, in obese patients. 
• However, shares dropped, which he sees primarily because one patient experienced elevated ALT levels that resolved after a pause in dosing.
• Some of the losses have since been recovered after the stock was down 20.6% as of 10:46 a.m. ET on Tuesday.
• Management emphasized that the adverse event occurred in one out of 100 patients enrolled in the trial, in a patient who would not ordinarily be enrolled in an obesity or NASH study.
• Analyst Patrick Trucchio believes that ALT elevation might not occur in the future.
• He believes the selloff on such "a potential one-off event" has created a "compelling buying opportunity" ahead of multiple study starts and trial data readouts expected throughout 2022.
• The analyst keeps a Buy rating and $25 price target on Altimmune shares.

https://www.benzinga.com/analyst-ratings/analyst-color/21/09/23139415/h-c-wainwright-sees-buying-opportunity-in-this-biotech-stock-sell-off