Why Is Altimmune (ALT) Stock Up 43% Today?

Altimmune (NASDAQ:ALT) stock is rising higher on Friday after the company posted positive results from a weight loss drug trial.

Those results come from the biopharmaceutical company’s Phase 2 obesity trial of pemvidutide. The results showed mean weight loss of 10.3%, 11.2%, 15.6% and 2.2% in the 1.2 mg, 1.8 mg and 2.4 mg doses and placebo categories.

Dr. Scott Harris, Chief Medical Officer of Altimmune, said the following about the results:

“The level of weight loss achieved at 48 weeks in this trial has been shown to reverse the key complications of obesity. Moreover, the trajectory of weight loss at the end of treatment with the 2.4 mg dose suggests the potential for greater weight loss with continued treatment.”

What’s Next for ALT Stock?

Considering the positive results of this clinical trial, Altimmune will likely want to move forward with the development of pemvidutide. That gives it a strong path toward commercialization, which would be a boon to ALT stock.

Today’s news also brings with it heavy trading of ALT stock. As of this writing, more than 62 million shares have changed hands. That’s well above its daily average trading volume of 1.3 million shares.

ALT stock is up 42.6% as of Friday morning.

Investors can find more of the hottest market news for today down below!

We are offering coverage of all the biggest stock market stories on Friday! That includes everything happening with shares of Pfizer (NYSE:PFE), Elastic (NYSE:ESTC) and QuantumScape (NYSE:QS) stock today. You can catch up on these matters at the following links!

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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

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