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SummaryAltimmune, Inc. is upgraded to Buy following successful fundraising, providing $535m to fund Phase 3 MASH trials through 2029.Pemvidutide's Phase 2b data showed statistically significant MASH resolution and fibrosis improvement, but competition from semaglutide, resmetirom, and others remains intense.ALT's near-term catalyst is the Phase 2 AUD data, with potential for partnership if results demonstrate differentiation in heavy drinking reduction and liver outcomes.ALT's investment case hinges on pemvidutide's ability to show clear superiority or unique benefits versus established GLP-1 therapies in upcoming trials.Looking for more investing ideas like this one? Get them exclusively at Haggerston BioHealth. Learn More » Tom Werner/DigitalVision via Getty Images

Investment Overview In my last note on Altimmune, Inc. (ALT), a biotech developing its lead candidate pemvidutide to treat patients with metabolic dysfunction-associated steatohepatitis (“MASH”), alcohol use disorder ("AUD"), or alcohol-associated liver disease ("ALD"), I downgraded its stock

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