PFE - Altimmune leads obesity drug developers lower after data for lead asset

2023-03-21 14:58:24 ET

Leading weight loss drug developers are on the decline after clinical-stage biotech Altimmune ( NASDAQ: ALT ) announced Phase 1 and Phase 2 results for its lead candidate, pemvidutide sending its shares more than 50% lower on Tuesday.

Citing topline data, Altimmune ( ALT ) said that pemvidutide, a GLP-1/glucagon dual receptor agonist, led to 10% or more weight loss in ~50% of subjects in its 48-week MOMENTUM Phase 2 obesity trial.

Its Phase 1b trial for pemvidutide in patients with type 2 diabetes has indicated that the experimental therapy at 2.4 mg led to a 7.7% weight loss over 12 weeks, while patients on placebo experienced a mean weight gain of 0.8%.

Viking Therapeutics ( VKTX ) developer of weight loss candidate VK2735 has lost ~17% after the announcement. VK2735 is a dual agonist of the GLP-1 receptors and the glucose-dependent insulinotropic polypeptide (GIP) receptors.

Pharma giants Eli Lilly ( LLY ), Amgen ( AMGN ), and Pfizer ( PFE ), all of which are advancing weight loss candidates either in early-stage trials or late-stage development, are on the decline despite gains in the broader market.

However, Novo Nordisk ( NVO ), which markets FDA-approved weight loss therapy Wegovy, is trading higher alongside Rhythm Pharmaceuticals ( RYTM ), the developer of weight loss medication Imcivree for certain rare forms of obesity.

According to Morgan Stanley, the market for weight loss therapies could reach $54B in 2030

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