Shares of Altimmune, Inc. (ALT) tanked over 20% on Tuesday morning after announcing 12-week data from Phase 1 trial for weight loss therapy.
ALT is currently trading at $12.15, down $3.04 or 20.01%, on the Nasdaq, on a volume of 7.7 million shares, above average volume of 1.6 million shares. The stock has traded between $7.80 and $24.61 in the 52-week period.
Altimmune announced that mean weight loss of 10.3% was achieved in subjects receiving 1.8 mg dose of pemvidutide, as per phase 1 clinical trial of pemvidutide or ALT-801 in overweight and obese subjects.
Thirty-four subjects in the multiple ascending dose or MAD portion of the study were assigned to receive one of three subcutaneous doses of pemvidutide (1.2 mg, 1.8 mg and 2.4 mg) or placebo once weekly for 12 weeks without dose titration.
At 12 weeks, subjects receiving pemvidutide achieved mean weight losses of 4.9%, 10.3%, and 9.0% at the 1.2 mg, 1.8 mg, and 2.4 mg doses, respectively, with the placebo group experiencing a mean weight loss of 1.6%. Weight loss occurred rapidly and consistently over 12-weeks.
"The achievement of double-digit weight loss for subjects in the 1.8 mg arm with predominantly mild side effects reaffirms our enthusiasm for the potential of pemvidutide to be a transformational therapy for obesity and NASH," said Vipin Garg, Chief Executive Officer.
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