Altimmune slumps after mid-stage data for liver disease drug

Shares of drug developer Altimmune ALT.O fall 62% to $2.94 premarket

Co says its experimental obesity drug, pemvidutide helped patients with a type of fatty liver disease achieve disease resolution without worsening of liver scarring in a mid-stage study

However, the drug does not show statistically significant improvement in liver scarring or fibrosis in patients with the condition, metabolic dysfunction-associated steatohepatitis (MASH) - ALT

While the overall data looks good, "missing on statistical significance for fibrosis will be hard for investors to look past" says Citzensbank analyst Jonathan Wolleben

Up to last close, stock up ~7% YTD