Merrill begins coverage of Altus at buy

Merrill Lynch analyst Tom Mcgahren initiated coverage of Altus Pharmaceuticals Inc. with a buy rating and a 12-month price objective of $31. Altus develops protein-based therapies for chronic metabolic and gastrointestinal disorders that the analyst believes offer advantages over current therapies. Its two clinical candidates, ALTU-135 (pancreatic enzyme product) and ALTU-238 (growth hormone), possibly offer significant advantages over existing products. Merrill sees failure to successfully commercialize ALTU-135 or ALTU-238 and potential competition as possible risk factors. Shares of the Cambridge, Mass., biopharmaceutical company were down 26 cents, or 1.15%, at $22.44 on volume of 171,312 shares versus the three-month running average of 233,374 shares. (Nasdaq: ALTU)

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