Altimmune, Inc. (NASDAQ: ALT) is back on many biotech watchlists as investors weigh two competing forces: a near-term clinical and regulatory catalyst calendar for pemvidutide (the company’s lead asset) and a capital-raising backdrop that can quickly change the stock’s risk/reward profile. On Friday, Dec. 12, 2025 , ALT shares are trading in a volatility-heavy tape where options flow, analyst targets, and impending data readouts are all influencing sentiment.
Below is a detailed, publication-ready look at today’s ALT stock action , the latest company and clinical news , Wall Street forecasts , and the key catalysts and risks that matter most right now.
ALT stock snapshot on Dec. 12, 2025
As of Dec. 12, 2025 (latest available quote at 16:50 UTC) , Altimmune shares are trading around $5.29 , down roughly 0.9% on the day, after opening near $5.35 and trading in a wide intraday range (roughly $5.29–$6.02 ) on volume above its typical pace.
That wide range matters: ALT is a small-cap clinical-stage biotech where the market often “prices in” upcoming milestones well before official results arrive—then reprices aggressively when new data, financing, or guidance hits.
What Altimmune does—and why pemvidutide is driving the story
Altimmune is a late clinical-stage biopharmaceutical company focused on liver and cardiometabolic diseases. Its lead program, pemvidutide , is described by the company as a balanced 1:1 glucagon/GLP-1 dual receptor agonist being developed for:
- MASH (metabolic dysfunction-associated steatohepatitis)
- AUD (alcohol use disorder)
- ALD (alcohol-associated liver disease) [1]
This “liver + metabolic” positioning is a key reason ALT remains in the conversation even when broader biotech sentiment turns risk-off.
The biggest current headline company: CEO transition set for Jan. 1, 2026
One of the most important corporate updates heading into today is Altimmune’s CEO succession plan .
Altimmune announced on Dec. 1, 2025 that Vipin Garg, Ph.D. will step down as President and CEO effective Jan. 1, 2026 , with Jerry Durso (current Chairman) set to assume the CEO role while remaining Chairman. The company also stated Dr. Garg will serve as an advisor through June 30, 2026 , to support continuity. [2]
Leadership changes don’t always move biotech stocks immediately, but they can shape investor confidence in execution—especially when a company is approaching “Phase 3-ready” decisions and potential partnering conversations.
The near-term “why now”: two pemvidutide milestones investors are counting down to
Altimmune’s own communications place two major milestones front and center:
- 48-week IMPACT Phase 2b data (MASH)
Altimmune says it expects to report 48-week data from the IMPACT Phase 2b trial before year-end , including updated non-invasive test (NIT) and weight loss data, plus safety and related results. [3] - End-of-Phase 2 meeting with the FDA (MASH)
The company has described a scheduled, in-person End-of-Phase 2 meeting with the FDA in Q4 2025 to align on proposed Phase 3 design and endpoints, noting flexibility as the regulatory discussion around approvable MASH endpoints evolves (including potential roles for NITs and AI-based biopsy readings). [4]
For ALT stock, these are the “make-or-break” style events that can redefine valuation quickly—because they influence both the perceived probability of Phase 3 success and the timeline to pivotal trials.
What the Lancet-linked 24-week IMPACT data showed (and why the 48-week readout matters)
Altimmune highlighted a major credibility boost in November: publication and late-breaking presentation context around the IMPACT trial.
On Nov. 11, 2025 , the company announced publication in The Lancet of 24-week efficacy and safety data from the ongoing IMPACT Phase 2b study of pemvidutide in MASH and a concurrent late-breaking oral presentation at AASLD’s Liver Meeting. [5]
From the company’s summary of the published 24-week results:
- Primary endpoint (MASH resolution without worsening of fibrosis): reported as 58% (1.2 mg) and 52% (1.8 mg) vs 20% for placebo at 24 weeks. [6]
- Body weight change at 24 weeks: approximately -4.8% (1.2 mg) and -5.8% (1.8 mg) vs -0.5% placebo. [7]
- The IMPACT trial enrolled 212 participants with biopsy-confirmed MASH and fibrosis stages F2 or F3, randomized to weekly dosing for 48 weeks , with a final longer-term readout anticipated in Q4 2025 . [8]
Why the market is so focused on the 48-week update: longer-duration data can either reinforce durability (and safety/tolerability) or introduce new questions. For MASH programs, durability of fibrosis and inflammation improvements—alongside sustained weight and metabolic benefits—can heavily influence Phase 3 design, endpoint confidence, and partnering interest.
Pipeline expansion: AUD and ALD programs are advancing, too
While MASH is the headline driver, Altimmune has also been building out its alcohol-related liver disease and addiction medicine thesis.
In its Q3 2025 business update (Nov. 6, 2025) , Altimmune said:
- Enrollment in the RECLAIM Phase 2 trial in AUD was completed ahead of schedule; topline results are expected in 2026 . [9]
- The FDA has granted Fast Track designations to pemvidutide for MASH and AUD , per the company’s statements. [10]
- The company initiated RESTORE , a Phase 2 trial in ALD , described as a 48-week study. [11]
These additional shots on goal can matter in biotech valuation models, but near-term the market is still treating MASH as the primary “value unlock” pathway.
Financing and balance sheet: runway strength vs. dilution risk
ALT’s balance sheet and financing flexibility have been another major theme into Dec. 12.
Cash position (latest disclosed)
Altimmune reported cash, cash equivalents and short-term investments of about $211 million as of Sept. 30, 2025 . [12]
Hercules loan amendment
In a Nov. 2025 SEC filing, the company disclosed an amendment to its Hercules Capital loan facility that increased total availability from $100.0 million to $125.0 million , with details on tranches, interest terms, and an extended interest-only period. [13]
New $200 million ATM program
Altimmune also disclosed entering a new at-the-market (ATM) equity program that allows it to offer and sell up to $200.0 million of common stock through Leerink, while terminating a prior ATM arrangement. [14]
$400 million shelf registration
A separate but related point: Altimmune filed a shelf registration/prospectus covering up to $400,000,000 in various securities (common stock, preferred stock, debt securities, warrants, units). [15]
Why this matters for ALT stock today:
Investors often like to see a clinical-stage biotech well-funded into key readouts and Phase 3 planning—but they also discount the stock for potential dilution. That tension is especially relevant when the company itself has put multiple financing tools in place ahead of pivotal next steps.
Analyst forecasts and price targets: what Wall Street is implying as of Dec. 12, 2025
Consensus targets vary by source—here’s what they broadly show
As of Dec. 12, 2025, commonly cited consensus pages show ALT as a “Buy/Moderate Buy” on average, with price targets implying large upside from current levels—although the exact numbers differ based on methodology and which analysts are included.
- Investing.com shows an overall “Buy” consensus with an average 12‑month price target around $17.88 , with a wide range (low end around $1 , high end around $28 ). [16]
- MarketBeat reports a “Moderate Buy” consensus rating and an average target near $16.83 , with a range it lists between $12 and $24 . [17]
Recent notable stock ratings
A frequently referenced recent action: Citizens JMP lowered its price target to $14 from $15 while maintaining an “Outperform” rating (reported in early November). [18]
How to read these targets realistically:
In clinical-stage biotech, analyst targets often assume milestone success. When the next catalyst is binary (like a major readout), targets can look dramatically higher than the current stock price because the market is pricing probability—not a guaranteed outcome.
Options activity and sentiment: bullish and bearish signals are both flashing this week
ALT’s options tape has been part of the story heading into Dec. 12—often a sign traders are positioning for a sharp move.
- Earlier this week, TipRanks/TheFly reported above-normal call volume (11,726 calls), rising implied volatility, and a low put/call ratio in that snapshot—framed as directionally bullish . [19]
- More recently, TipRanks/TheFly also flagged heavy put volume (3,340 puts) and a higher put/call ratio in that snapshot—framed as directionally bearish , with implied volatility jumping sharply. [20]
The most important takeaway is not that one headline “wins,” but that ALT is trading like a stock where participants expect a meaningful move—often driven by catalysts, liquidity, and positioning rather than slow, linear fundamentals.
Broader sector context: GLP-1 deal chatter keeps smaller names in focus
Altimmune sits in the broader GLP-1 and metabolic disease ecosystem, where M&A speculation can periodically lift sentiment even for companies without direct deal news.
For example, Reuters recently covered a bidding war around obesity drug developer Metsera , noting that shares of several obesity-linked biotechs—including Altimmune—moved higher on the sector read-through at the time. [21]
This kind of “sympathy move” dynamic is common in thematic biotech sneakers, and it can amplify both rallies and pullbacks.
What to watch next: ALT catalysts into late 2025 and early 2026
Here are the practical signposts most traders and long-term biotech investors are tracking as of Dec. 12, 2025:
- IMPACT 48‑week readout timing and content (MASH)
Altimmune has guided to reporting 48-week IMPACT data before year-end . Any update on timing—and the durability/safety profile—could be a major catalyst. [22] - FDA End‑of‑Phase 2 alignment (MASH)
Clarity on Phase 3 design and endpoints can affect perceived time-to-market and the ultimate cost of development. [23] - Earnings and cash runway narrative
Options commentary this week pointed to an earnings timing expectation of Feb. 26 (market expectation, not necessarily a company-confirmed date in that options item). [24] - Financing execution vs. restraint
With a shelf and ATM program available, investors will watch whether Altimmune raises capital opportunistically—especially around data events—and what that implies for dilution vs. security runway. [25]
Key risks investors are weighing right now
ALT’s upside case is clear—stronger long-duration MASH data plus regulatory clarity can re-rate the stock. But the risk case remains equally visible:
- Clinical risk: Phase 2 success does not guarantee Phase 3 success; longer-term safety/tolerability and durability matter. [26]
- Regulatory risk: MASH endpoints and approvability frameworks continue to evolve, and companies must design programs that satisfy regulators. [27]
- Financing/dilution risk: Shelf registrations and ATM programs provide flexibility but can pressure share price if the market anticipates near-term issuance. [28]
- Volatility/positioning risk: Options-driven moves can exaggerate short-term price swings, creating sharp rallies or drawdowns without fundamental news on the day. [29]
Bottom line on Altimmune stock on Dec. 12, 2025
Altimmune (ALT) is trading on a catalyst-led narrative: a CEO transition heading into 2026, an anticipated 48‑week MASH readout before year-end, and an FDA End‑of‑Phase 2 meeting that could frame Phase 3 execution. Add in high implied volatility and shifting options sentiment—and ALT remains a stock where news flow can matter more than any single day’s price action.
References
1. www.globenewswire.com, 2. www.globenewswire.com, 3. www.globenewswire.com, 4. www.globenewswire.com, 5. www.globenewswire.com, 6. www.globenewswire.com, 7. www.globenewswire.com, 8. www.globenewswire.com, 9. www.globenewswire.com, 10. www.globenewswire.com, 11. www.globenewswire.com, 12. www.globenewswire.com, 13. www.sec.gov, 14. www.sec.gov, 15. www.sec.gov, 16. www.investing.com, 17. www.marketbeat.com, 18. finance.yahoo.com, 19. www.tipranks.com, 20. www.tipranks.com, 21. www.reuters.com, 22. www.globenewswire.com, 23. www.globenewswire.com, 24. www.tipranks.com, 25. www.sec.gov, 26. www.globenewswire.com, 27. www.globenewswire.com, 28. www.sec.gov, 29. www.tipranks.com
