Altimmune, Inc. (NASDAQ: ALT) disclosed its quarterly earnings on January 25, 2024, revealing a loss of $0.27 per share. This result fell short of analysts’ expectations, which had anticipated a loss of $0.25 per share, representing a miss of $0.02. The company reported a modest revenue of $0.03 million for the quarter, significantly exceeding expectations of $0.00 million.
During the conference call that followed the earnings release, key financial metrics highlighted the challenges facing the company. Altimmune recorded a negative net margin of 419,575% and a negative return on equity of 54.79%. Despite the earnings miss, shares of Altimmune rose by 1.4% on Friday, with the stock trading at $3.56 during mid-day. Over the course of the day, 1,499,870 shares changed hands, contrasting with the average volume of 4,766,929 shares.
Stock Performance and Insider Activity
Altimmune’s share performance reflects a broader context, with a fifty-day moving average of $4.49 and a two-hundred-day moving average of $4.28. The stock has fluctuated between a fifty-two week low of $2.90 and a high of $7.73. With a market capitalization of $401.67 million, the company has a price-to-earnings (P/E) ratio of -3.33 and a beta of 0.13.
Recent insider transactions further influence market sentiment. On December 22, 2023, Director Jerome Benedict Durso acquired 12,500 shares at an average price of $4.13 per share, totaling $51,625. This purchase increased his holdings in the company significantly. Similarly, Director John Gill purchased 12,500 shares on December 23, 2023, at an average price of $4.10, amounting to $51,250. Over the last 90 days, corporate insiders have acquired a total of 30,527 shares valued at $125,278, with insiders now owning 4.40% of the company’s stock.
Institutional Involvement and Analyst Ratings
Institutional investors have also been active in trading Altimmune shares. Two Sigma Investments LP increased its position in the company by 356.6% during the third quarter, now holding 1,996,848 shares valued at $7,528,000 after acquiring an additional 1,559,562 shares. Other notable institutional investors include State Street Corp, which raised its stake by 42.2%, and Vanguard Group Inc., which increased its holdings by 23.3%.
Analysts continue to assess Altimmune’s performance, with varied outlooks. Following the recent earnings announcement, Weiss Ratings reaffirmed a “sell (d-)” rating. Conversely, Citizens JMP reduced its price target from $15.00 to $14.00, maintaining a “market outperform” rating. Barclays initiated coverage with an “overweight” rating and a target price of $20.00. According to recent reports, six analysts rated the stock as a Buy, while one issued a Hold rating and two suggested Sell.
About Altimmune
Altimmune, based in Gaithersburg, Maryland, is a clinical-stage biopharmaceutical company focused on developing vaccines and immunotherapeutics. The company utilizes innovative technology platforms to create intranasal vaccine candidates and therapies for liver diseases and metabolic disorders. Among its lead projects is NasoVAX, an investigational intranasal influenza vaccine aimed at offering broad, long-lasting protection with a single, non-invasive dose.
As Altimmune continues to navigate the complexities of its financial landscape, investors and analysts will be closely watching its forthcoming strategies and developments in the coming quarters.
