Altimmune
ALT on Nasdaq. Pharmaceutical preparations. Market value $519m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-14.74 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -88 cents a year. Above 10 is good.
Quality score: 20 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$2.67 a share, 4% above its 1-year low
Over the past year the price has ranged from $2.56 to $6.44.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $4m | -$68,000 | $426,000 | $20,000 | $41,000 |
| Operating margin | |||||
| Operating margin | -2197.6% | n/a | -22518.5% | -515860.0% | -230461.0% |
| Debt to equity | |||||
| Debt to equity | 0.01 | 0.02 | n/a | n/a | 0.15 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.07bn | 0.10bn | 0.19bn |
Health checks
- Free cash flow positive0 of 4 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.15× equity
- Revenue growth, five yearsShrinking, 65.3% a year
- Buying back its own sharesNo, 296% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $23 million, compared with a loss of $22 million a year ago.
- 128% more shares than a year ago. Each share owns a bit less of the company.
- It has $28 million more cash than debt, down from $169 million a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $5,000 |
| December 2024 | $5,000 |
| March 2025 | $5,000 |
| June 2025 | $5,000 |
| September 2025 | $5,000 |
| December 2025 | $26,000 |
| March 2026 | Not reported |
| June 2026 | Not reported |
| Quarter to | Amount |
|---|---|
| September 2024 | -$23m |
| December 2024 | -$23m |
| March 2025 | -$20m |
| June 2025 | -$22m |
| September 2025 | -$19m |
| December 2025 | -$27m |
| March 2026 | -$23m |
| June 2026 | -$23m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 6 March 2026
- Next quarterly (estimated, 10-Q)
- 11 November 2026
Who owns it
2 long-term investors we follow own it, up from 1 last quarter. 210 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Viking Global InvestorsAndreas Halvorsen | $20m | <0.1% | New |
| GMOJeremy Grantham | $254,864 | <0.1% | Cut |
Largest holders overall
- BlackRock$62mAdded
- Deep Track Capital, LP$59mNew
- State Street$37mAdded
- TCG Crossover Management$30mNew
- Vanguard Capital Management$25mAdded
- Vanguard Portfolio Management$22mAdded
- Marshall Wace, LLP$21mAdded
- Viking Global Investors$20mNew
- RA Capital Management, L.P.$20mNew
- Geode Capital Management$15mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
7 investors own more than 5%.
- Deep Track Capital, LPPassive investorat least 10.0%(filed with 3 related holders)Since 23 April 2026
- Chen YuPassive investorat least 9.8%(filed with 4 related holders)Since 24 April 2026
- BlackRock, Inc.Passive investor7.6%−1.1 ptsSince 30 June 2025
- Viking Global InvestorsPassive investorat least 6.7%(filed with 9 related holders)Since 24 April 2026
- RA Capital Management, L.P.Passive investorat least 6.5%(filed with 3 related holders)Since 24 April 2026
- STATE STREET CORPORATIONPassive investor5.5%Since 31 March 2026
- Ameriprise Financial, Inc.Passive investorat least 1.9%−5.5 pts(filed with 7 related holders)Since 31 March 2025
- TANG CAPITAL MANAGEMENT, LLCPassive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Deep Track Capital, LP Passive investor | at least 10.0% (filed with 3 related holders) | 23 April 2026 | |
Chen Yu Passive investor | at least 9.8% (filed with 4 related holders) | 24 April 2026 | |
BlackRock, Inc. Passive investor | 7.6%−1.1 pts | 30 June 2025 | |
Viking Global Investors Passive investor | at least 6.7% (filed with 9 related holders) | 24 April 2026 | |
RA Capital Management, L.P. Passive investor | at least 6.5% (filed with 3 related holders) | 24 April 2026 | |
STATE STREET CORPORATION Passive investor | 5.5% | 31 March 2026 | |
Ameriprise Financial, Inc. Passive investor | at least 1.9%−5.5 pts (filed with 7 related holders) | 31 March 2025 | |
TANG CAPITAL MANAGEMENT, LLC Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 6 insiders bought $370,120 of shares on the open market.
- Durso Jerome BenedictPresident and CEO, DirectorBought
- Date
- 13 August 2026
- Shares
- 15,000
- Price
- $2.95
- Value
- $44,250
- GILL JOHNDirectorBought
- Date
- 6 April 2026
- Shares
- 9,200
- Price
- $3.41
- Value
- $31,372
- Durso Jerome BenedictPresident and CEO, DirectorBought
- Date
- 1 April 2026
- Shares
- 15,000
- Price
- $3.14
- Value
- $47,100
- WEAVER GREGORY LChief Financial OfficerBought
- Date
- 1 April 2026
- Shares
- 10,000
- Price
- $3.15
- Value
- $31,500
- Durso Jerome BenedictPresident and CEO, DirectorBought
- Date
- 6 March 2026
- Shares
- 20,000
- Price
- $3.54
- Value
- $70,800
- WEAVER GREGORY LChief Financial OfficerBought
- Date
- 6 March 2026
- Shares
- 5,000
- Price
- $3.54
- Value
- $17,700
- Pisano WayneDirectorBought
- Date
- 8 January 2026
- Shares
- 5,000
- Price
- $4.08
- Value
- $20,400
- Sohn Catherine A.DirectorBought
- Date
- 5 January 2026
- Shares
- 500
- Price
- $4.24
- Value
- $2,120
- Jorkasky DianeDirectorBought
- Date
- 29 December 2025
- Shares
- 527
- Price
- $3.80
- Value
- $2,003
- GILL JOHNDirectorBought
- Date
- 23 December 2025
- Shares
- 12,500
- Price
- $4.10
- Value
- $51,250
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 13 August 2026 | Durso Jerome Benedict President and CEO, Director | Bought | 15,000 | $2.95 | $44,250 |
| 6 April 2026 | GILL JOHN Director | Bought | 9,200 | $3.41 | $31,372 |
| 1 April 2026 | Durso Jerome Benedict President and CEO, Director | Bought | 15,000 | $3.14 | $47,100 |
| 1 April 2026 | WEAVER GREGORY L Chief Financial Officer | Bought | 10,000 | $3.15 | $31,500 |
| 6 March 2026 | Durso Jerome Benedict President and CEO, Director | Bought | 20,000 | $3.54 | $70,800 |
| 6 March 2026 | WEAVER GREGORY L Chief Financial Officer | Bought | 5,000 | $3.54 | $17,700 |
| 8 January 2026 | Pisano Wayne Director | Bought | 5,000 | $4.08 | $20,400 |
| 5 January 2026 | Sohn Catherine A. Director | Bought | 500 | $4.24 | $2,120 |
| 29 December 2025 | Jorkasky Diane Director | Bought | 527 | $3.80 | $2,003 |
| 23 December 2025 | GILL JOHN Director | Bought | 12,500 | $4.10 | $51,250 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 6 Mar 2026, plus the 10-Q filed 12 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 65.3% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.