Altimmune stock is headed for its 11th-straight daily win
Options traders are targeting Altimmune Inc (NASDAQ:ALT), as the stock shoots for its 11th-straight win. CEO Vipin Garg told Reuters on Tuesday that the weight-loss drug developer is open to deals with larger companies and is actively looking for partners as it develops its experimental obesity drug. Upbeat mid-stage trial data gave the stock a boost a week ago, and the stock is up roughly 120% since the start of this month already.
Options bulls appear hopeful that the company will be scooped up, with 34,000 calls exchanged so far today compared to 7,828 puts. Overall options volume is already at 5.6 times the average daily amount. The weekly 12/15 10-strike, 9-strike, and 8-strike calls are the most popular contracts, with new positions being opened at all three.
Analysts are similarly bullish, with six of the seven in coverage carrying a "strong buy" rating. Plus, the 12-month consensus price target of $22.29 is a hefty 215% premium to current levels.
At last glance, ALT was up 2.8% to trade at $7.07, earlier hitting a peak of $8.63 -- its highest level since its March bear gap. The stock is also grappling with its significant 320-day moving average after breaking above it earlier.
