Altimmune (ALT) Stock Forecast & Price Target

Altimmune is well capitalized, with pro forma cash, cash equivalents, and short-term investments of about $535 million as of April 30, which management expects can fund operations through the PERFORMA 52-week readout in 2029 and removes a major financing overhang. The fundamental bull case is strengthened by pemvidutide’s differentiated profile in MASH: the PERFORMA Phase 3 protocol has been finalized, submitted to the FDA, aligned with EMA feedback, and designed to test 1.8 mg and 2.4 mg doses in ~1,800 patients with accelerated-approval endpoints. Near-term catalysts in AUD and ALD further broaden upside, with RECLAIM topline data due in 3Q26 and RESTORE enrollment now expected to complete in 3Q26, while Phase 2b IMPACT data at EASL should support the Phase 3 rationale.

Altimmune is viewed negatively because pemvidutide still lacks proof-of-concept data in NAFLD patients, leaving the core program early and unvalidated despite biologic rationale for NASH. The competitive backdrop in NASH and obesity is crowded, and Altimmune must still demonstrate a clinically compelling profile against better-capitalized, more advanced rivals. Commercially, the company faces uncertainty around nascent-market dynamics such as market size, pricing, and distribution, while costly development likely requires additional financing through government contracts and capital markets transactions.