Altimmune, Inc. (NASDAQ: ALT) has become a tightly wound biotech story heading into year‑end 2025. The small‑cap developer of liver and metabolic drugs is changing its CEO just weeks before a pivotal 48‑week readout in its lead MASH trial, while Wall Street models still point to triple‑digit upside from today’s share price.
As of mid‑day on December 9, 2025, Altimmune stock trades around $5.61 per share, implying a market capitalization of roughly $550 million. [1] That price sits well above its autumn lows but far below analyst targets that cluster in the mid‑teens to high teens.
Below is a deep dive into the latest Altimmune stock news, forecasts, and analysis as of December 9, 2025, suitable for investors tracking ALT on Google News and Discover.
Altimmune Stock Today: Price, Volume and Recent Moves
Altimmune’s share price has been extremely volatile into December:
- The stock closed at $5.61 on Monday, December 8, 2025, up 7.06% on the day, with intraday trading between roughly $5.03 and $5.74 and volume around 5 million shares. [2]
- Over the last three months, independent analytics platform Intellectia estimates the share price has risen about 48%, even as FY2025 revenue estimates have been revised down by roughly 24% and EPS estimates by about 13%. [3]
- StockInvest’s technical model now classifies ALT as a “buy or hold” candidate since early November, noting a 42% gain from that pivot point and “high volatility” with wide daily trading ranges. [4]
Short interest is elevated. StockTitan’s data show short positions equal to roughly 30% of the float, a level that can magnify both rallies and sell‑offs in response to news. [5]
A MarketBeat note on December 2, titled “Altimmune (NASDAQ:ALT) Stock Price Down 6.6% – Time to Sell?”, highlighted how shares traded as low as $4.73 intraday on heavy volume, underscoring how quickly sentiment swings around catalysts. [6]
CEO Transition: New Leadership at a Critical Moment
On December 1, 2025, Altimmune announced a planned CEO transition effective January 1, 2026. [7]
Key points:
- Vipin Garg, Ph.D., who has led the company since 2018, will step down as President and CEO on January 1, 2026, and stay on as an advisor through June 30, 2026. [8]
- Jerry Durso, currently Chairman of the Board, will assume the role of President and CEO while retaining his Chairman position. Durso previously spent more than two decades at Sanofi, overseeing multiple major commercial franchises, including leadership roles in diabetes and U.S. pharmaceuticals. [9]
In its announcement, the company explicitly linked the leadership change to the evolution of pemvidutide, saying Garg had overseen the transformation of Altimmune from preclinical to “Phase 3–ready” in MASH, with ongoing Phase 2 programs in alcohol use disorder (AUD) and alcohol‑associated liver disease (ALD). [10]
Crucially, the same release reiterated two near‑term catalysts:
- An End‑of‑Phase 2 (EOP2) meeting with the FDA for the MASH program scheduled in Q4 2025, to align on Phase 3 design and endpoints. [11]
- 48‑week data from the IMPACT Phase 2b MASH trial expected before year‑end 2025, including longer‑term non‑invasive test (NIT) data, updated weight‑loss results and extended safety findings. [12]
Reuters and other newswires framed the move as a structured succession rather than a sudden change, but investors will be watching closely to see whether the new CEO alters strategy once the decisive IMPACT data are in hand. [13]
Pemvidutide: The Single Asset Driving the Altimmune Story
Altimmune is now essentially a single‑asset company, with value overwhelmingly tied to pemvidutide, a once‑weekly injectable dual GLP‑1/glucagon receptor agonist designed for MASH, obesity and related liver conditions. [14]
24‑Week IMPACT Phase 2b Data: Strong MASH Resolution, Debated Fibrosis Benefit
The IMPACT Phase 2b trial studies pemvidutide in patients with biopsy‑confirmed MASH and F2–F3 fibrosis over 48 weeks. The key 24‑week data, published in The Lancet on November 11 and presented in late‑breaking sessions at AASLD’s The Liver Meeting 2025, showed: [15]
- MASH resolution without worsening fibrosis in roughly 52–58% of pemvidutide‑treated patients (1.8 mg and 1.2 mg doses), compared with about 20% on placebo.
- Liver fat normalization and broad improvement across multiple non‑invasive measures (MRI‑PDFF, FibroScan, cT1, ELF and other fibrosis markers).
- Weight loss of about 5–6% at 24 weeks, versus about 0.5% in the placebo arm.
Altimmune also presented an AI‑based digital pathology analysis of liver biopsies at AASLD. That work suggested a meaningful reduction in fibrosis area, with about 31% of patients on the higher pemvidutide dose achieving a ≥60% reduction in total fibrosis area versus roughly 8% on placebo, and similarly improved rates in early and advanced fibrosis subgroups. [16]
Investors reacted cautiously when the topline 24‑week data were first announced in June: FierceBiotech described the readout as “mixed”, emphasizing that while the trial met its primary endpoint for MASH resolution and showed solid weight loss, the fibrosis endpoint appeared less clearly differentiated at that early time point. [17]
Why the 48‑Week Readout Is Viewed as “Make or Break”
Altimmune, independent analysts, and academic liver experts all stress that 48‑week data are essential to judge whether pemvidutide truly has a robust anti‑fibrotic effect, not just effects on inflammation and liver fat. [18]
- Company guidance across multiple releases and conference presentations has consistently pointed to a 48‑week IMPACT readout in Q4 2025, with expectations that longer treatment will further clarify effects on fibrosis and weight loss. [19]
- Seeking Alpha commentary in early December (behind a paywall) has characterized the upcoming readout as “make or break” for Altimmune, arguing that positive, durable fibrosis data could justify a Phase 3 push and keep analyst price targets intact, while disappointing results could force a drastic re‑rating of the stock. [20]
As of December 9, 2025, 48‑week data have not yet been released, but the company has reiterated in several venues that it still expects to report “before year‑end.” [21]
Beyond MASH: AUD and ALD Programs (RECLAIM and RESTORE)
Altimmune is trying to extend pemvidutide into alcohol‑related liver disease and alcohol use disorder, leveraging overlapping mechanisms between metabolic disease, liver injury and addiction biology.
RECLAIM Phase 2 – Alcohol Use Disorder (AUD)
- RECLAIM is a Phase 2 study testing pemvidutide in adults with alcohol use disorder and overweight or obesity. According to ClinicalTrials.gov, the trial randomizes approximately 100 participants 1:1 to pemvidutide 2.4 mg or placebo weekly for 24 weeks. [22]
- The primary endpoint is the change in average number of heavy‑drinking days per week, with key secondary endpoints including the WHO drinking risk level and PEth biomarker changes. [23]
On November 3, 2025, Altimmune announced early completion of enrollment in RECLAIM, several months ahead of schedule. Topline data are expected in 2026. [24]
RESTORE Phase 2 – Alcohol‑Associated Liver Disease (ALD)
Altimmune is also running RESTORE, a Phase 2 trial of pemvidutide in alcohol‑associated liver disease (ALD). An IND for pemvidutide in ALD was filed in late 2024 and cleared by the FDA in early 2025; the trial began enrolling patients in mid‑2025. [25]
Both the MASH and AUD indications for pemvidutide have received Fast Track designation from the FDA, reflecting the seriousness of these conditions and the limited existing treatment options. [26]
Financials and Cash Runway: Pre‑Revenue, Cash‑Rich, Dilution Risk
Altimmune remains effectively pre‑revenue and deeply loss‑making. But it currently holds a sizeable cash cushion while it prepares for pivotal studies.
From the Q3 2025 financial results released on November 6: [27]
- Cash, cash equivalents and short‑term investments: about $210.8 million as of September 30, 2025, up roughly 60% from year‑end 2024. [28]
- Net loss: approximately $19.0 million (–$0.21 per share) for Q3 2025. [29]
- R&D expense: around $15.0 million for the quarter. [30]
- The company also amended and upsized its credit facility with Hercules Capital to $125 million, drawing an additional $20 million, strengthening the balance sheet ahead of Phase 3 planning. [31]
TickerNerd’s compilation of financial ratios underscores how early‑stage ALT still is: trailing‑twelve‑month revenue is listed at just $20,000, with a price‑to‑sales multiple above 27,000x and highly negative operating margins – a pattern typical of development‑stage biotech. [32]
In practical terms:
- Altimmune appears funded to get through the IMPACT 48‑week readout and the EOP2 FDA meeting without needing immediate equity financing. [33]
- However, Phase 3 trials in MASH, AUD and ALD will be expensive, and the company is almost certain to require additional capital – likely through equity raises or partnerships – if it moves forward aggressively.
For investors, that means dilution risk remains high, even if upcoming trial results are positive.
Analyst Ratings and Altimmune Stock Forecast (2026 Horizon)
Despite its volatility, Altimmune remains a favored “speculative upside” pick across a range of Wall Street and independent research platforms.
Consensus Views and Price Targets
Different aggregators show slightly different numbers, but the picture is broadly consistent:
- MarketBeat lists a “Moderate Buy” consensus based on 10 analysts, with 7 Buys, 1 Hold and 2 Sells, and an average 12‑month price target of about $16.83 (range $12–$24). [34]
- TipRanks and Intellectia focus on the three most recent analyst calls, also showing a Moderate Buy and an average target of around $13 (range $12–$14). [35]
- ValueInvesting.io compiles 14 analyst targets, with an average near $18.93 and a very wide range from $1.01 to $29.40, implying potential upside above 260% from current levels if the average were realized. [36]
- TickerNerd similarly reports a median target of $19 from 13 analysts, with highs at $28 and lows at $1, describing the overall consensus as “bullish” but emphasizing the extreme spread in expectations. [37]
A widely cited Zacks Equity Research piece from November 25 summed this up by noting that the mean analyst target of roughly $17.88 implied a 250.6% upside from then‑current prices, but warned that price targets are often overly optimistic and should be treated with skepticism. [38]
Estimate Revisions and Mixed Signals
Despite these eye‑catching upside numbers, there are important caveats:
- Intellectia reports that FY2025 revenue forecasts have been revised down by about 23.7% and EPS estimates by about 13.1% over the last three months, even as the stock rallied roughly 48% in the same period. [39]
- Several firms have trimmed price targets over the past year while maintaining bullish ratings – for example, Citizens/JMP moved from $15 to $14 on November 7, and earlier had cut from $25. [40]
- Weiss Ratings has maintained a “sell” view, and at least two analysts in the MarketBeat universe officially rate ALT as a Sell. [41]
The common thread: analysts see very significant upside if pemvidutide’s 48‑week MASH data and subsequent Phase 3 design look competitive – but they are not in unanimous agreement that this will happen.
Technicals, Ownership and Market Sentiment
On top of fundamental catalysts, trading dynamics are amplifying every piece of news:
- StockInvest highlights strong technical momentum since early November, with ALT above both short‑ and long‑term moving averages and a positive MACD, but also emphasizes “high risk” due to volatility and the potential for sharp corrections. [42]
- A MarketBeat piece on December 2 showed how quickly sentiment can sour, pointing to a 6.6% single‑day drop on relatively light news and reminding readers that the company remains “deeply unprofitable” with negative margins. [43]
- A December 6 MarketBeat report noted that Geode Capital Management increased its stake in ALT by 13.4% to roughly 1.93 million shares, representing about 2.4% of the company, and reiterated that the broader analyst consensus is still “Moderate Buy” with an average target of roughly $16.83. [44]
- StockTitan data show short interest above 30% of float, reinforcing the potential for both short squeezes and violent downdrafts as news hits. [45]
Retail interest remains high as well – social‑media and message‑board tracking sites describe “strong retail buzz” ahead of the IMPACT 48‑week data, with investor discussion often centered on the possibility of a “multi‑bagger” outcome if Phase 3 goes well. [46]
Competitive Landscape: Wegovy, Resmetirom and the GLP‑1 Crowd
Even if pemvidutide’s data are positive, Altimmune operates in a crowded therapeutic space.
Key competitive facts as of late 2025:
- Resmetirom (Rezdiffra) became the first FDA‑approved drug for MASH in March 2024, targeting patients with non‑cirrhotic MASH and F2–F3 fibrosis. [47]
- On August 15, 2025, the FDA granted accelerated approval to Novo Nordisk’s Wegovy (semaglutide) as the second approved therapy for MASH, in addition to its high‑profile use in obesity. [48]
- In obesity, Eli Lilly’s Zepbound has shown up to ~21% weight loss in trials, with Wegovy around 15% over similar durations – setting a high efficacy bar for any new entrant. [49]
- Novo Nordisk and Lilly are already advancing next‑generation GLP‑1 combinations like CagriSema and orforglipron, while smaller players such as Viking Therapeutics and Structure Therapeutics are trying to carve out niches with oral or multi‑agonist regimens. [50]
Pemvidutide’s pitch is that it combines meaningful weight loss, liver fat reduction and potential fibrosis improvement with once‑weekly dosing and a comparatively favorable tolerability profile – especially regarding gastrointestinal side effects. [51]
However, regulators and physicians now have approved alternatives in resmetirom and Wegovy, which raises the bar for any Phase 3 program: pemvidutide will need to show advantages in efficacy, safety, convenience, or cost – or find a complementary niche – to justify widespread adoption.
Key Risks for Altimmune (ALT) Stock
For all the excitement around potential upside, the risk profile is extreme:
- Binary Data Risk (IMPACT 48‑Week Readout)
If the 48‑week MASH data fail to show convincing, durable fibrosis benefit – or if safety issues emerge – Altimmune’s core thesis could be badly damaged, forcing a strategic reset and likely collapsing analyst targets. [52] - Regulatory Risk
The EOP2 meeting with the FDA will determine whether Altimmune’s proposed Phase 3 design is acceptable and how it must benchmark against existing therapies like resmetirom and Wegovy. An unfavorable stance could require costly redesigns or additional studies. [53] - Single‑Asset Concentration
With nearly all value tied to pemvidutide, Altimmune lacks diversification. Finimize aptly described the company as “the definition of high‑risk, high‑reward” with “everything riding on one molecule.” [54] - Financing and Dilution
Even with more than $210 million in cash and an expanded credit facility, full global Phase 3 programs in MASH, AUD and ALD will likely require significant new capital, most plausibly via equity issuance or strategic partnerships that dilute current shareholders. [55] - Competitive and Market Adoption Risk
With powerful incumbents (Novo, Lilly) and multiple emerging GLP‑1 and MASH therapies, pemvidutide may struggle to differentiate on efficacy, safety or cost – especially if its weight loss or fibrosis profile proves merely “good enough” rather than best‑in‑class. [56] - Trading and Sentiment Risk
High short interest, retail speculation and algorithmic trading can disconnect short‑term price movements from fundamentals, exposing holders to both sharp squeezes and sudden crashes.
Bottom Line: How Altimmune Looks on December 9, 2025
As of December 9, 2025, the Altimmune (ALT) stock setup can be summarized as:
- A ~$5.61 small‑cap biotech with a market cap just over $500 million, heavy volatility and high short interest. [57]
- A single lead asset, pemvidutide, with impressive 24‑week MASH and weight‑loss data and supportive AI‑based fibrosis analyses, but still lacking the crucial 48‑week confirmatory readout. [58]
- A CEO transition and strengthened leadership bench (new CMO and other senior hires) coinciding with an EOP2 FDA meeting and the planned transition to a Phase 3‑ready organization. [59]
- Analyst targets in the mid‑ to high‑teens, implying 150–250% upside from current levels, but with a strikingly wide range from $1 to $28 and a mix of Buy, Hold and Sell recommendations. [60]
For investors and traders scanning Google News or Discover, Altimmune is best viewed as a high‑beta, catalyst‑driven biotech whose fate over the next 12–18 months will be dominated by:
- The quality of 48‑week IMPACT MASH data
- The tone of the FDA’s EOP2 feedback
- The company’s ability to finance and execute Phase 3 programs in a rapidly evolving GLP‑1/MASH market
References
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