Altimmune Tanks 37% Despite Positive Data From Pemvidutide Trial In NAFLD Patients

Shares of Altimmune, Inc. (ALT) are tanking over 37% on Wednesday morning after the company released update for trial of pemvidutide in patients with non-alcoholic fatty liver disease.

ALT is currently trading at $12.68, down $7.70 or 37.78%, on the Nasdaq, on a heavy volume of 17.5 million shares, above average volume of 1.7 million. The stock opened its trading at $19.85 after closing Tuesday's trading at $20.38. The stock has traded between $3.83 and $23.49 in the past 52-week period.

Nonalcoholic fatty liver disease, or NAFLD, is a condition in which excess fat accumulates in the liver.

Altimmune announced positive topline results from its 12-week Phase 1b study of pemvidutide1 in subjects with non-alcoholic fatty liver disease (NAFLD).

The biotech company said that all 3 pemvidutide dosing groups (1.2 mg, 1.8 mg, 2.4 mg) achieved the primary endpoint of relative and absolute reductions in liver fat, with a 68.5% relative reduction in liver fat content in subjects receiving 1.8 mg dose at 12 weeks of treatment.

Mean weight loss of 4.9% (placebo-adjusted 4.7%) in subjects without diabetes receiving 1.8 mg dose at 12 weeks of treatment.

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