The Law Offices of Frank R. Cruz Announces Investigation of Altimmune, Inc. (ALT) on Behalf of Investors

By: The Law Offices of Frank R. Cruz via Business Wire

May 07, 2024 at 15:06 PM EDT

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The Law Offices of Frank R. Cruz announces an investigation of Altimmune, Inc. (“Altimmune” or the “Company”) (NASDAQ: ALT) on behalf of investors concerning the Company’s possible violations of federal securities laws.

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On February 13, 2024, Kerrisdale Capital published a report alleging, among other things, that “a deeper examination of Altimmune’s data reveals a drug with little chance of competing against either the approved incumbents or the other GLP-1 agonists progressing through clinical trials.” The report further stated that Altimmune’s weight loss drug was “not good enough” to compete with Ozempic or Mounjaro, which have “demonstrated superior weight-loss on a comparable basis, with the added benefit of controlling blood-sugar (which pemvidutide does not).”

On this news, Altimmune’s stock price fell $1.94, or 18.7%, to close at $8.46 per share on February 13, 2024, thereby injuring investors.

Then, on April 29, 2024, Bloomberg reported that Guggenheim Securities had downgraded Altimmune’s stock to neutral from buy, stating that the opportunity to successfully fund pemvidutide’s future as a treatment for obesity through a strategic partnership was “growing increasingly tenuous.”

On this news, Altimmune’s stock price fell $0.87, or 12%, to close at $6.39 per share on April 29, 2024, thereby injuring investors further.

If you purchased Altimmune securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.

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