Jefferies says market reaction to IMPACT data is overkill
Jefferies believes Altimmune (ALT) stock dropping 50% after the company announced results from its IMPACT study is overkill, as data met the firm's most likely scenario. Jefferies sees pemvidutide as a viable/safe drug uniquely positioned in MASH as the first incretin to hit statistical significance on histology at 24 weeks with potential to deepen with time and thinks these factors differentiate the drug from the fibroblast growth factor 21 class, the firm told investors in a research note. Jefferies added that the company can take meaningful share in the growing MASH market if successful. The firm reiterated a Buy rating and $28 price target on shares.
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