Altimmune Stock Tanks 50% After Releasing Phase 2 Trial Data Of Obesity Drug

Shares of Altimmune, Inc. (ALT) tanked over 50% on Tuesday morning after the company released phase 2 trial data of obesity drug pemvidutide.

ALT is currently trading at $5.09, down $5.84 or 53.43%, on the Nasdaq, on a heavy volume of 11 million shares, above average volume of 1.3 million. The stock opened its trading at $6.85 after closing Monday's trading at $10.92. The stock has traded between $3.83 and $23.49 in the past 52-week period.

The company said its obesity drug helped reduce patients' weight by about 10% on average in a mid-stage trial. However, nausea and vomiting were the most common adverse events, with one patient experiencing a serious adverse event of nausea and vomiting requiring rehydration at the 2.4 mg dose, while other cases were of mild and moderate severity, the company said.

"The weight loss achieved was impressive and bodes well for the effects that could be achieved at the completion of 48 weeks of therapy," said Louis Aronne, M.D., Sanford Weill Professor of Metabolic Research and Professor of Clinical Medicine, Weill Cornell Medicine, and a paid scientific advisory board member for Altimmune, Inc.

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