ALT - ALTIMMUNE ALERT: Bragar Eagel & Squire P.C. Announces that a Class Action Lawsuit Has Been Filed Against Altimmune Inc. and Encourages Investors to Contact the Firm | Benzinga
NEW YORK, May 08, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against Altimmune, Inc. ("Altimmune" or the "Company") (NASDAQ:ALT) in the United States District Court for the District of Maryland on behalf of all persons and entities who purchased or otherwise acquired Altimmune securities between December 1, 2023 and April 26, 2024, both dates inclusive (the "Class Period"). Investors have until July 5, 2024 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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Altimmune is a clinical stage biopharmaceutical company that focuses on developing treatments for obesity and liver diseases. The Company's lead product candidate is pemvidutide, a glucagon-like peptide-1 ("GLP-1") agonist for the treatment of obesity and metabolic dysfunction-associated steatohepatitis ("MASH"). GLP-1 agonists are medications that help lower blood sugar levels and promote weight loss.
On November 30, 2023, Altimmune announced topline results from its 48-week MOMENTUM Phase 2 trial evaluating pemvidutide for the treatment of obesity (the "MOMENTUM Trial"). According to the Company, at week 48, subjects receiving pemvidutide achieved mean weight losses of 10.3%, 11.2%, 15.6% and 2.2% at the 1.2 mg, 1.8 mg, and 2.4 mg doses and placebo, respectively, with a near-linear trajectory of continued weight loss observed on the 2.4 mg dose at the end of treatment. Defendants touted the significance of these results to pemvidutide's clinical and commercial prospects as they purportedly evidenced the drug's viability to compete with other GLP-1 agonists targeting weight-loss. Pemvidutide's ability to compete with other GLP-1 agonists targeting ...