Altimmune Shares Plummet Amidst Impacts of Pemvidutide Treatment Trial

US stock futures are higher, with Dow futures gaining around 100 points. Altimmune shares fell 61.2% to $2.99 after announcing topline results from the IMPACT Phase 2b trial of Pemvidutide. Other stocks moving lower in pre-market trading include Bit Digital, Kratos Defense & Security Solutions, Waldencast, Crescent Biopharma, UP Fintech Holding, Nokia Oyj.

U.S. stock index futures rose on Thursday, with the Dow futures gaining around 100 points, putting Wall Street on track to open near record highs. The benchmark S&P 500 and tech-led Nasdaq were nearly 1% below their all-time peaks at Wednesday's close, supported by the de-escalation in Middle East hostilities [1].

The positive sentiment was fueled by robust earnings from memory-chip maker Micron, which forecast quarterly revenue above estimates, citing growth in demand for its chips used in AI data centers. Shares of Micron Technology climbed 2% premarket, while other chipmakers like Marvell Technology and Advanced Micro Devices also saw gains [1].

However, not all stocks were performing well. Altimmune shares fell 61.2% to $2.99 after announcing topline results from the IMPACT Phase 2b trial of pemvidutide in the treatment of metabolic dysfunction-associated steatohepatitis (MASH). The trial showcased substantial efficacy, but the stock's significant drop suggests that investors were disappointed with the results or the company's plans [2].

Bit Digital, Inc., a digital asset platform focused on Ethereum-native treasury and staking strategies, also saw its shares move lower in pre-market trading. The company announced an underwritten public offering of its ordinary shares, with the proceeds intended for the purchase of additional Ethereum. However, the stock's drop suggests that investors are cautious about the offering or the company's plans to shift its focus from bitcoin mining to Ethereum staking [3].

Other stocks moving lower in pre-market trading include Kratos Defense & Security Solutions, Waldencast, Crescent Biopharma, UP Fintech Holding, and Nokia Oyj. These movements are likely due to a variety of factors, including earnings reports, strategic shifts, or broader market sentiment.

Investors are also awaiting economic growth data, including the Commerce Department's final take on first-quarter GDP, durable goods data for May, and initial jobless claims data, all due at 08:30 a.m. ET. Additionally, Federal Reserve Chair Jerome Powell's remarks during his congressional testimony are expected to influence market sentiment [1].

In other news, Bit Digital's Canadian subsidiaries, under WhiteFiber Inc., secured a $43.9 million credit facility from the Royal Bank of Canada to refinance the buildout of a Tier-3 AI data center in Quebec. The company also plans to develop a new AI data center campus in North Carolina, with potential expansion up to 200 megawatts [3].

References:
[1] https://www.marketscreener.com/quote/index/S-P-500-4985/news/US-stock-futures-rise-as-Micron-results-boost-chips-GDP-data-in-focus-50343125/
[2] https://www.gurufocus.com/news/2947272/altimmune-announces-positive-topline-results-from-the-impact-phase-2b-trial-of-pemvidutide-in-the-treatment-of-mash-alt-stock-news
[3] https://www.investing.com/news/company-news/bit-digital-prices-150-million-public-offering-of-ordinary-shares-93CH-4112247