Merrill keeps Altus at buy

Altus Pharmaceuticals Inc. was maintained by Merrill Lynch analyst Tom McGahren at a buy rating with a lowered price objective, to $23 from $31. The company announced the delay of two trials; the phase 3 trials for ALTU-135 (pancreatic enzyme product) and ALTU-238 (once-weekly growth hormone) will be delayed to at least past year-end. While the analyst believes the delays are the result of equipment glitches, rather than problems with the product, the timing for the products is still pushed back. Shares of the Cambridge, Mass.-based biopharmaceutical company were up 48 cents, or 3.76%, at $13.27 on volume of 166,376 shares versus the three-month running average of 156,045 shares. (Nasdaq: ALTU)

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