Altimmune (ALT) Shares Slide On $75 Million Stock Offering

Core Viewpoint - Altimmune Inc has announced a $75 million registered direct offering of common stock, leading to a significant decline in its share price [1][9]. Group 1: Offering Details - The company has entered a securities purchase agreement for the sale of 17,045,454 shares of common stock, or pre-funded warrants [2]. - The offering is expected to generate approximately $75 million in gross proceeds, priced at about $4.40 per share, and is anticipated to close around January 29, subject to customary conditions [3]. Group 2: Use of Proceeds - Net proceeds from the offering will be used to fund preparations for the upcoming Phase 3 trial in metabolic dysfunction-associated steatohepatitis (MASH), along with working capital and general corporate purposes [4]. Group 3: Stock Performance - Currently, Altimmune's stock is trading 17.4% above its 20-day simple moving average and 19.8% above its 100-day simple moving average, indicating short-term strength despite the recent decline [5]. - Over the past 12 months, shares have decreased by approximately 26.33% and are closer to their 52-week lows than highs [5]. - The stock's RSI is at 78.59, indicating overbought territory, while the MACD shows bullish momentum, suggesting a potential correction may be due [6]. Group 4: Company Overview - Altimmune is a clinical-stage biopharmaceutical company focused on developing treatments for obesity, metabolic diseases, and liver diseases, with its product candidate pemvidutide being a dual receptor agonist currently in clinical development [7]. - The recent stock offering is significant as it aims to fund further development of pemvidutide, which could address major health issues [8].