Why Are Investors Looking At Altimmune Stock?

Shares of Altimmune, Inc. (NASDAQ:ALT) are rising Monday after the FDA granted Breakthrough Therapy Designation for Pemvidutide.

Altimmune stock is charging ahead with explosive momentum. Why are ALT shares rallying?

FDA Grants Breakthrough Therapy Designation

Pemvidutide, which is for the treatment of liver disease patients, received the designation after the company submitted positive preliminary clinical evidence to the agency. The designation expedites the development and review of approved medicines.

Altimmune submitted data showing statistically significant inflammation resolution without worsening of fibrosis, along with early and substantial improvements in liver fat and non-invasive tests of fibrosis and hepatic inflammation. 

“With this breakthrough designation and alignment with the FDA on registrational Phase 3 trial parameters, we are laser-focused on strengthening the foundation of Altimmune to advance pemvidutide through late-stage development – guided by our commitment to serve patients and create value for our stakeholders,” said Altimmune CEO Jerry Durso, who assumed the role last month.

Stock Moving Up In Early Hours

ALT Price Action: Shares were up 15.95% at $4.06 at the time of publication on Wednesday, according to Benzinga Pro.

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