After speaking with management, JMP Securities analyst Jonathan Wolleben expects Altimmune (ALT) to resolve the AdCOVID IND clinical hold in early January with Phase 1 data still expected in Q1.

Management confirmed that the clinical hold was related to four issues: three clinical protocol issues, all of which have been resolved, and one related to a manufacturing test procedure for which Altimmune expects data in early January, Wolleben tells investors in a research note. The hold does not change the analyst's view that AdCOVID is a "differentiated" COVID-19 vaccine candidate.

He views any weakness in Altimmune shares as a buying opportunity and reiterates an Outperform rating on the name with a $50 price target. The stock in premarket trading is down 9% to $11.43.