Altimmune (ALT) Stock Forecast & Price Target

Altimmune is well capitalized with approximately $535 million in pro forma cash, cash equivalents, and short-term investments as of April 30, which management expects can fund operations through the PERFORMA 52-week readout in 2029 and remove a financing overhang. Its lead asset pemvidutide has meaningful differentiation in MASH, with the Phase 3 PERFORMA trial finalized and aligned with FDA and EMA feedback, a simple titration approach, and prior IMPACT data supporting tolerability, quality weight loss, and lean-mass preservation. The investment case is further strengthened by near-term catalysts in alcohol-related disease, including RECLAIM topline data in 3Q26 and RESTORE enrollment completion now expected in 3Q26, alongside sizable revenue potential above $5.0 billion in MASH and over $4.8 billion in AUD/ALD.

Altimmune is viewed as a high-risk development-stage biopharma because pemvidutide still lacks proof-of-concept data in NAFLD patients, leaving the core thesis dependent on unproven clinical results rather than established efficacy. The competitive backdrop in NASH and obesity is crowded, and pemvidutide’s differentiated profile must still be validated against more advanced programs before it can stand out commercially. Fundamental downside is also driven by uncertain market size, pricing and distribution in a nascent NASH market, alongside likely future capital needs from costly clinical development that may require government contracts or dilutive capital markets transactions.