Altimmune (NASDAQ:ALT) Posts Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Key Points

• Quarterly earnings miss: Altimmune reported Q4 EPS of ($0.27), missing the consensus ($0.25) and posting negligible revenue and deeply negative margins, underscoring its status as a clinical‑stage, pre‑revenue company dependent on trial outcomes.
• Pipeline progress — pemvidutide: Strong Phase 2 data showed early MASH resolution and anti‑fibrotic activity, the FDA granted Breakthrough Therapy, and the company plans a pivotal ~1,800‑patient global Phase 3 with dual endpoints aimed at Accelerated Approval.
• Cash runway and financing risk: Management cites pro forma cash of roughly $340M (runway into 2028) but expects to access additional capital as Phase 3 spending ramps, implying potential dilution or financing risk for shareholders.

Altimmune (NASDAQ:ALT - Get Free Report) announced its quarterly earnings data on Thursday. The company reported ($0.27) EPS for the quarter, missing analysts' consensus estimates of ($0.25) by ($0.02), reports. The company had revenue of $0.03 million for the quarter, compared to analysts' expectations of $0.00 million. Altimmune had a negative net margin of 419,575.00% and a negative return on equity of 54.79%.

Here are the key takeaways from Altimmune's conference call:

• Strong Phase 2 results — pemvidutide showed early MASH resolution at 24 weeks and clear anti‑fibrotic activity with meaningful NIT, ALT and weight improvements at 48 weeks, supporting selection of 1.8 mg and evaluation of 2.4 mg for Phase 3.
• Regulatory progress — the FDA granted Breakthrough Therapy and End‑of‑Phase‑2 minutes confirmed alignment on a pivotal global Phase 3 (≈1,800 patients, biopsy and NIT cohorts) with dual primary endpoints designed to support Accelerated Approval.
• Phase 3 operational readiness — the company says overall design, dosing (1.2 mg start with one‑ or two‑step titration) and global site plans are defined, but final protocol details, biopsy reading approach and exact timelines remain being finalized.
• Near‑term catalysts — top‑line data from the AUD (RECLAIM) Phase 2 are expected in Q3 2026 and ALD Phase 2 enrollment should complete in 2026, offering potential label expansion but with outcome uncertainty.
• Financial and execution risk — Q4 net loss widened and OpEx will increase as Phase 3 approaches; management reports pro forma cash of roughly $340M (runway into 2028) but expects to access additional capital, implying potential dilution or financing risk.

Altimmune Stock Up 1.4%

Shares of NASDAQ ALT traded up $0.05 during mid-day trading on Friday, reaching $3.56. 1,499,870 shares of the company traded hands, compared to its average volume of 4,766,929. The company's fifty day moving average is $4.49 and its two-hundred day moving average is $4.28. The company has a debt-to-equity ratio of 0.08, a quick ratio of 17.18 and a current ratio of 17.18. Altimmune has a fifty-two week low of $2.90 and a fifty-two week high of $7.73. The stock has a market cap of $401.67 million, a PE ratio of -3.33 and a beta of 0.13.

Trending Headlines about Altimmune

Here are the key news stories impacting Altimmune this week:

• Positive Sentiment: Company advancing pemvidutide clinical program — Altimmune plans to initiate a Phase 3 MASH (NASH with steatohepatitis) trial in 2026 and outlined an ~1,800‑patient Phase 3 design, which materially derisks the program if successful. This progress supports long‑term upside for the stock. Read More.
• Positive Sentiment: Regulatory boost — Pemvidutide received FDA Breakthrough Therapy Designation in MASH, which can accelerate development and increase the asset’s value. Read More.
• Positive Sentiment: Strong cash runway — Company reported $274M in cash, cash equivalents and short‑term investments as of 12/31/25 and completed a $75M registered direct offering in January, and management signaled runway into 2028. That reduces near‑term dilution/financing risk for clinical execution. Read More.
• Neutral Sentiment: Earnings call and analyst previews available — Transcripts and previews provide detail on timing (RECLAIM AUD topline expected Q3 2026) and trial design; useful for investors but not immediate price catalysts. Read More. • Read More.
• Neutral Sentiment: Short‑interest data appears anomalous — Recent reports show "0 shares" short interest and NaN changes, suggesting reporting errors; not a reliable signal for current trading pressure. (No external link)
• Negative Sentiment: Quarterly earnings miss — Altimmune reported Q4 EPS of ($0.27), missing the consensus of ($0.25). Revenue was immaterial ($0.03M) and the company shows deeply negative margins and ROE, underscoring it is still pre‑revenue/clinical‑stage and dependent on trial outcomes and funding. This miss is the primary near‑term negative driver for the share price. Read More.
• Negative Sentiment: Stock reacted down to the earnings miss — Market coverage noted the stock edging lower on the report, reflecting investor focus on short‑term financial metrics despite the pipeline positives. Read More.

Insider Activity at Altimmune

In other news, Director Jerome Benedict Durso purchased 12,500 shares of the company's stock in a transaction dated Monday, December 22nd. The shares were bought at an average price of $4.13 per share, with a total value of $51,625.00. Following the completion of the transaction, the director directly owned 12,500 shares in the company, valued at $51,625. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John Gill acquired 12,500 shares of Altimmune stock in a transaction dated Tuesday, December 23rd. The stock was purchased at an average price of $4.10 per share, with a total value of $51,250.00. Following the completion of the purchase, the director directly owned 12,500 shares of the company's stock, valued at $51,250. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. Over the last 90 days, insiders purchased 30,527 shares of company stock valued at $125,278. Corporate insiders own 4.40% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Two Sigma Investments LP lifted its position in Altimmune by 356.6% during the 3rd quarter. Two Sigma Investments LP now owns 1,996,848 shares of the company's stock worth $7,528,000 after acquiring an additional 1,559,562 shares during the last quarter. State Street Corp increased its stake in shares of Altimmune by 42.2% in the fourth quarter. State Street Corp now owns 5,119,703 shares of the company's stock worth $18,482,000 after purchasing an additional 1,518,448 shares during the period. Vanguard Group Inc. increased its stake in shares of Altimmune by 23.3% in the third quarter. Vanguard Group Inc. now owns 6,373,638 shares of the company's stock worth $24,029,000 after purchasing an additional 1,206,514 shares during the period. Nuveen LLC lifted its position in shares of Altimmune by 514.9% during the 4th quarter. Nuveen LLC now owns 1,244,211 shares of the company's stock worth $4,492,000 after purchasing an additional 1,041,856 shares during the last quarter. Finally, Marshall Wace LLP acquired a new position in shares of Altimmune during the 4th quarter worth about $3,331,000. 78.05% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on ALT shares. Weiss Ratings reissued a "sell (d-)" rating on shares of Altimmune in a research note on Monday, December 29th. Citizens Jmp cut their price objective on Altimmune from $15.00 to $14.00 and set a "market outperform" rating for the company in a report on Friday, November 7th. Barclays assumed coverage on Altimmune in a research report on Tuesday, January 27th. They set an "overweight" rating and a $20.00 price objective for the company. Citigroup reaffirmed a "market outperform" rating on shares of Altimmune in a research report on Wednesday, November 12th. Finally, William Blair reaffirmed a "market perform" rating on shares of Altimmune in a research note on Thursday. Six analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $17.60.

About Altimmune

Altimmune, Inc is a clinical-stage biopharmaceutical company headquartered in Gaithersburg, Maryland, dedicated to the development of vaccines and immunotherapeutics. The company leverages proprietary technology platforms to create intranasal vaccine candidates and novel therapies targeting liver diseases and metabolic disorders. Altimmune's approach emphasizes the stimulation of both systemic and mucosal immune responses to address unmet medical needs in infectious and chronic conditions.

Among its lead programs, NasoVAX is an investigational intranasal influenza vaccine designed to provide broad, long-lasting protection through a single, non-invasive dose.

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