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Altimmune Earnings: ALT Stock Rises 7% Despite Rough Q2 Results

Altimmune (NASDAQ:ALT) earnings from Tuesday evening for the second quarter of fiscal year 2020 have ALT stock making moves higher on Wednesday morning. This comes after reported revenue of $721,636 comes in below Wall Street’s estimate of $1.1 million. Moreover, the company’s adjusted losses per share of 94 cents was also below analysts’ expectation for a 40-cent loss during the quarter.

 Illustrative Editorial of Altimmune website homepage

Source: Pavel Kapysh / Shutterstock.com

Here is what else is worth mentioning from the most recent Altimmune earnings report.

  • Adjusted losses per share were 261.5% worse than a 26-cent loss during Q2 2019.
  • Revenue for the quarter comes in much lower compared to $1.63 million during the same time last year.
  • Operating loss of $18.42 million is 418.9% wider year-over-year from a loss of $3.55 million.
  • Altimmune’s earnings also includes a net loss of $16.77 million.
  • That’s 394.7% worse off than a loss of $3.39 million during the second quarter of 2019.

Vipin K. Garg, Ph.D., president and CEO of Altimmune, said this about the ALT stock earnings:

“We are pleased with Altimmune’s progress during 2020 as we have launched two new product candidates for COVID-19, progressed our NASH candidate toward clinical testing and forged strategic alliances with Vigene Biosciences and DynPort Vaccine Company. With the support of our shareholders, we now have more than $200 million of cash and investments on hand to drive continued development of our product pipeline.”

The company does not mention any sort of guidance for the rest of FY2020. That said, we know what Wall Street is expecting. Analysts are calling for per-share losses of $1.43 on revenue of $5.55 million.

ALT stock fell more than 9% after-hours Tuesday following the earnings release. However, shares are now up about 7% as of Wednesday morning.

Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/08/altimmune-earnings-alt-stock-rises-7-despite-rough-q2-results/.

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