Shares of Altimmune (NASDAQ:ALT) traded sharply higher on Friday after the obesity drug developer generated buyout rumors on Wall Street a day after issuing notable updates on its lead candidate, pemvidutide.
Betaville, in an "uncooked" alert, around midday trading on Friday, cited a strategic review initiated by the Gaithersburg, Maryland-based biotech involving as many as three large pharma companies.
A day earlier, the company disclosed on its R&D Day that two Phase 2 trials are expected to start in Q2 and Q3, respectively, to study the effect of pemvidutide on those with alcohol use disorder and alcohol-related liver disease, respectively.
Formerly known as ALT-801, the Phase 3-ready GLP-1/glucagon dual receptor agonist is currently under investigation for obesity and metabolic-associated steatohepatitis (“MASH”).
In February, the company disclosed the FDA clearance to study the injectable for two additional indications.
“We have seen class-leading reductions in liver fat with pemvidutide in clinical trials, and we believe these benefits would translate to mitigation of inflammation in both MASH and ALD,” ALT’s medical chief, Scott Harris, remarked at the event.
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