Altimmune (ALT) Stock Forecast & Price Target

Altimmune is attractive fundamentally because pemvidutide is being advanced as a differentiated dual-action glucagon/GLP-1 therapy with Phase 3 PERFORMA now finalized, submitted to the FDA, and aligned with FDA and EMA feedback, supporting a cleaner registrational path in MASH. The company also has multiple near-term catalysts in alcohol-related disease, with RECLAIM topline data expected in 3Q26 and RESTORE enrollment completion now also expected in 3Q26, while the broad clinical profile includes favorable tolerability, simple titration, and quality weight loss with lean-mass preservation. Financially, pro forma cash of about $535 million as of April 30 appears sufficient to fund operations through the PERFORMA 52-week readout in 2029, removing a financing overhang and supporting execution.

Altimmune is burdened by an early-stage, unproven pemvidutide program, with proof-of-concept in NAFLD still pending and competitive differentiation yet to be validated in clinical data. Despite $332.0 million in cash, cash equivalents, and short-term investments as of March 31, and a pro forma $535 million after the January and April financings, the added share count materially reduced risk-adjusted value estimates to $13 for MASH and $6 for AUD/ALD. The outlook remains negative because MASH and obesity are crowded, commercialization is uncertain, and ongoing clinical development may require further capital raises that could dilute shareholders again.