Altimmune tumbles on $225 mln equity raise for liver disease drug

Altimmune

23/04/2026 11:19

** Altimmune ALT.O shares down 12.1% in premarket trading at $3.05 after $225 mln overnight follow-on priced to fund late-stage trial for its liver disease drug

** ALT late Weds sold 64.25 mln shares and pre-funded warrants to buy up to 10.75 mln shares at $3

** Offering priced at 13.5% discount to stock's last close. It includes accompanying warrants for an additional raise of $225 mln exercisable immediately at $3

** Gaithersburg, Maryland-based ALT has ~130 mln shares outstanding for about $450 mln market cap

** Co intends to use net offering proceeds for upcoming Phase 3 trial in metabolic dysfunction-associated steatohepatitis (MASH), and other purposes

** ALT's lead drug candidate, pemvidutide, is a GLP-1/glucagon dual receptor agonist for treatment of obesity and MASH, progressive liver disease marked by excessive fat accumulation, inflammation and liver cell damage

** Leerink Partners and Barclays joint bookrunners for offering, joined by Titan Partners

** At Weds close, ALT stock down 4% YTD and well off its 2026 intraday high of $6.44 hit on Jan 23

** Avg rating of 11 analysts is "buy"; median PT $21, according to LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))