Altimmune (NASDAQ:ALT) stock is losing value on Tuesday after the company released results from a clinical trial.
That trial has to do with the company’s treatment for obesity. The bad news for shareholders of ALT stock is the safety of the drug, pemvidutide, used in the Phase 2 clinical trial. Unfortunately, investors aren’t impressed.
That’s due to the adverse events of gastrointestinal (GI) events of nausea and vomiting present in the trial. This resulted in 24% of patients taking pemvidutide discontinuing the trial. The company notes that half of these discontinuations were specifically due to GI events.
Despite this, Altimmune is considering the clinical trial results positive. That’s due to the percentage of weight loss seen so far. This includes an 8.2%, 10.6% and 11.9% drops for the 1.2 mg, 1.8 mg and 2.4 mg groups. For comparison, the placebo group saw a 0.8% drop in weight.
How This Affects ALT Stock
That high turnover rate in the clinical trial isn’t sitting well with investors. In fact, it’s pulling ALT stock down today. As of this writing, some 5 million shares have changed hands as well. For the record, the company’s daily average trading volume is about 1.3 million shares.
ALT stock is down 53.1% as of Tuesday morning and down 66.9% since the start of the year.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.