Merrill keeps Altus at buy

Altus Pharmaceuticals Inc. was maintained at buy by Merrill Lynch analyst Tom McGahren. The company reported second-quarter loss per share of $0.68, wider than Merrill's loss estimate of $0.60. The loss is due mainly to higher research and development expenses related to the phase 3 trials of ALTU-135 and ALTU-238. Despite the delays, ALTU-135 and ALTU-238 offer potentially superior alternatives to available products, according to the analyst who views the stock as undervalued. Shares of the Cambridge, Mass.-based biopharmaceutical company were up 12 cents, or 0.94%, at $12.94, on volume of 128,725 shares versus the three-month running average of 156,539 shares. (Nasdaq: ALTU)

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