Altimmune (NASDAQ:ALT) Stock Price Up 7.6% on Earnings Beat

Altimmune, Inc. (NASDAQ:ALTGet Free Report) traded up 7.6% during mid-day trading on Wednesday following a stronger than expected earnings report. The stock traded as high as $10.50 and last traded at $10.21. 1,160,714 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 3,818,485 shares. The stock had previously closed at $9.49.

The company reported ($0.32) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.03. Altimmune had a negative net margin of 199,076.92% and a negative return on equity of 52.60%. The business had revenue of $0.01 million during the quarter. During the same period last year, the company earned ($0.39) EPS.

Analyst Upgrades and Downgrades

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

Check Out Our Latest Research Report on ALT

Insider Activity

In other Altimmune news, Director David Drutz sold 16,011 shares of the firm’s stock in a transaction that occurred on 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 in the company, valued at $289,510.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.10% of the company’s stock.

Institutional Trading of Altimmune

Institutional investors and hedge funds have recently modified their holdings of the stock. Larson Financial Group LLC purchased a new position in Altimmune in the 3rd quarter worth approximately $31,000. CANADA LIFE ASSURANCE Co purchased a new position in Altimmune during the first quarter worth approximately $44,000. TFO Wealth Partners LLC purchased a new position in Altimmune during the first quarter worth approximately $51,000. Horizon Wealth Management LLC purchased a new position in Altimmune during the second quarter worth approximately $66,000. Finally, PFG Investments LLC purchased a new position in Altimmune during the second quarter worth approximately $67,000. Hedge funds and other institutional investors own 78.05% of the company’s stock.

Altimmune Stock Performance

The stock has a 50-day moving average of $6.89 and a 200 day moving average of $6.87.

About Altimmune

(Get Free Report)

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.

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