ALT in Freefall After Covid-19 Vaccine Trials Scrapped

At least four analysts cut their price targets

Lillian Currens

Digital Content Manager

Jun 30, 2021 at 9:54 AM

Altimmune Inc (NASDAQ:ALT) is already taking its place as one of the worst performing stocks on the Nasdaq today, down 30.8% at $11 this morning, following news that the company dropped the development of its nasal Covid-19 vaccine after an early stage trial exhibited immune responses that missed expectations. The company instead will focus its efforts and resources into its liver and obesity treatments.

The drop puts ALT at its lowest level since December 2020. Prior today, the equity was attempting to make another run up the charts after dropping back to the $12 level late last month. The 10-day moving average was acting as solid guidance for the security, though the stock has once again breached this level.

Analysts have been quick to respond to the news, with no fewer than four dishing out price-target cuts. Jefferies came in with the lowest estimate, slashing its price target to $14 from $24, while Piper Sandler cut its price target all the way to $16 from $80. The 12-month consensus price target now sits at $24.86 -- still a 56.4% premium to current levels.

There could be room for a further unwinding of optimism. All seven analysts in coverage consider ALT a "strong buy." Plus, short interest dropped 20% in the last two reporting periods, and makes up a little over three days at its average daily pace of trading.

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