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

Altimmune, Inc. (NASDAQ:ALT)’s stock price gapped up prior to trading 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.

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

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and set a $12.00 target price on shares of Altimmune in a research note on Thursday, August 22nd. B. Riley reaffirmed a “buy” rating and set a $20.00 price objective on shares of Altimmune in a research report on Monday, August 12th. UBS Group initiated coverage on Altimmune in a research report on Tuesday. They issued a “buy” rating and a $26.00 target price on the stock. Finally, Evercore ISI upgraded Altimmune to a “strong-buy” rating in a research report on Friday, August 9th. Two research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $20.00.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Altimmune

Several large investors have recently bought and sold shares of ALT. BNP Paribas Financial Markets grew its position in shares of Altimmune by 318.6% in the 3rd quarter. BNP Paribas Financial Markets now owns 42,140 shares of the company’s stock valued at $259,000 after buying an additional 32,072 shares during the last quarter. FMR LLC boosted its stake in Altimmune by 546.8% in the third quarter. FMR LLC now owns 51,060 shares of the company’s stock valued at $314,000 after acquiring an additional 43,166 shares in the last quarter. Summit Financial Wealth Advisors LLC grew its holdings in shares of Altimmune by 65.1% during the third quarter. Summit Financial Wealth Advisors LLC now owns 45,918 shares of the company’s stock worth $282,000 after purchasing an additional 18,113 shares during the last quarter. Larson Financial Group LLC acquired a new stake in shares of Altimmune during the third quarter worth about $31,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Altimmune by 2.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 211,626 shares of the company’s stock valued at $1,299,000 after purchasing an additional 4,772 shares during the last quarter. Hedge funds and other institutional investors own 78.05% of the company’s stock.

Altimmune Stock Performance

The business has a 50-day moving average of $6.95 and a 200-day moving average of $6.89. The stock has a market capitalization of $676.59 million, a price-to-earnings ratio of -6.14 and a beta of 0.09.

Altimmune Company Profile

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.