Evercore ISI has cut its price target for Altimmune Inc. (NASDAQ: ALT) to $22.00 from $25.00 but kept an Outperform rating on the stock, reflecting a recalibration of the firm's valuation model rather than a change in its overall stance toward the company. Analyst Michael DiFiore said the firm has fully reworked its modeling for Altimmune since taking coverage last year.
The adjustment comes against a backdrop of meaningful clinical and corporate developments for Altimmune. Shares of ALT were trading at $5.66 at the time of the report, having climbed 33.81% over the prior week and 56.79% year-to-date, according to the data cited by the firm. Analyst price targets on ALT span a wide range - from $1 to $28 - with the consensus recommendation generally skewing toward "Buy."
Evercore's sustained positive view centers on pemvidutide, Altimmune's investigational GLP-1/Glucagon agent. The firm characterizes the drug's mechanism as making "complete sense" for the treatment of metabolic dysfunction-associated steatohepatitis (MASH). That endorsement comes despite what Evercore described as "placebo-driven shortcomings" observed in the 24-week readout from the Phase 2 IMPACT trial.
Altimmune subsequently released updated 48-week data derived from non-invasive testing, which Evercore flagged as showing trends suggestive of fibrosis improvement. The 48-week dataset additionally showed continued, non-plateauing weight loss at the highest dose evaluated in the trial - a placebo-adjusted decline of 7% at the 1.8 mg dose - and the company plans to evaluate a 2.4 mg dose in the forthcoming Phase 3 program.
Regulatory engagement and expedited review pathways have also moved forward. Pemvidutide received Breakthrough Therapy Designation, and Altimmune has held discussions with the U.S. Food and Drug Administration to align on the design of the Phase 3 trial. Evercore points to these events as reasons it remains constructive on the asset despite the downward revision to its target.
On the corporate governance front, Altimmune announced a leadership transition plan. Chief Executive Officer Vipin Garg is scheduled to step down by January 1, 2026. Jerry Durso, currently the company's Chairman, will assume the CEO role while retaining his chairmanship. Garg will continue to support the company as an advisor through June 30, 2026, to facilitate the handover.
Evercore's model reset, ongoing clinical readouts and regulatory interactions together shaped the firm's updated valuation. The market reaction has been notable in the short term, as evidenced by the recent share-price appreciation, while analyst targets remain dispersed, signaling a range of views on the program's ultimate commercial and clinical potential.
Clinical catalyst - Pemvidutide's mechanism and 24-week IMPACT results prompted interest, and 48-week non-invasive data showing fibrosis trends and ongoing weight loss at higher doses underpins the program heading into Phase 3.
Regulatory progress - Breakthrough Therapy Designation and FDA alignment talks are in place to inform the Phase 3 design.
Corporate transition - Management will change, with the chairman set to become CEO and the incumbent CEO serving as advisor through mid-2026 to ensure continuity.