Why Altimmune Stock Tanked Today

Shares of Altimmune (NASDAQ: ALT) were down by 15% as of 3:27 p.m. EDT on Wednesday. The biotech announced before the market opened that it would present preclinical data for ALT-801 in treating nonalcoholic steatohepatitis (NASH) at the European Association for the Study of the Liver annual meeting on Aug. 28.

Altimmune's description of this data was promising, so why did its shares plunge? The most likely reason is that some investors are taking profits off the table after the biotech stock skyrocketed more than 1,100% year to date coming into this week.

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Source Fool.com