On Wednesday, Altimmune, Inc. (NASDAQ: ALT) spotted trading -65.91% off 52-week high price. On the other end, the stock has been noted 34.11% away from the low price over the last 52-weeks. The stock changed 0.25% to recent value of $2.03. The stock transacted 1217194 shares during most recent day however it has an average volume of 145.65K shares. The company has 15.14M of outstanding shares and 12.67M shares were floated in the market.
Altimmune, Inc. (ALT) recently reported financial results for the quarter ended September 30, 2019 and provided a business update.
“We are happy with our progress in 2019, as we have successfully diversified our product pipeline while minimizing cash burn,” stated Vipin K. Garg, Ph.D., President and Chief Executive Officer. “The Altimmune team continues to deliver on the R&D front with predictable IND filings for ALT-801 and HepTcell during 2020. In addition, we are preparing for the initiation of the Phase 1b trial of our NasoShield program in the first quarter of 2020.”
Financial Results for the Third Quarter Ended September 30, 2019
At September 30, 2019, the Company had cash, cash equivalents and short-term investments of $39.2M. During the third quarter, the Company invested a portion of its cash balances in investment grade securities to maximize the yield on its resources. All investments are highly liquid and immediately accessible.
Revenue in the third quarter was $0.64M contrast to $2.6M in the previous year period. The change was Because of a decrease in billings under the Company’s U.S. government contracts Because of timing of manufacturing and clinical trials.
Research and development expenses in the third quarter were $8.7M contrast to $4.7M in the previous year period. The increase was attributable to IPR&D expense recognized in conjunction with the acquisition of Spitfire Pharma, Inc., offset by lower manufacturing and clinical trial costs on its programs.
General and administrative expenses in the third quarter were $2.2M contrast to $2.0M in the previous year period. The increase was due primarily to a raise in insurance expense and stock compensation.
The Company recognized $1.0M in impairment charges during Q3 related to its SparVax-L program. The development contract with NIAID ended in Q3 2019, and no further funding has been identified. As revealed by BARDA, U.S. government funding now will focus on post-exposure vaccines that offer transformational improvements over a two-dose vaccine. Since SparVax-L is a two-dose vaccine candidate and our NasoShield program fits the government’s funding profile with active funding, additional development of SparVax-L is not predictable.
Net loss attributed to ordinary stockholders for the third quarter was $10.9M, or ($0.74) per share, contrast to $2.3M, or ($1.73) per share in the same period of 2018. The higher net loss is primarily attributable to a $7.2M charge related to the July 2019 acquisition of Spitfire Pharma, Inc. and the $1.0M impairment described above.
According to the most recent quarter its current ratio was 16.9 that represents company’s ability to meet its current financial obligations. The price moved ahead of 9.59% from the mean of 20 days, 12.74% from mean of 50 days SMA and performed -8.06% from mean of 200 days price. Company’s performance for the week was 14.41%, 13.76% for month and YTD performance remained 7.14%.
Mary Smith– Health Industry
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