Altus Pharmaceuticals Inc. (ALTU)

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Altus Shares Rise on Partnership Outlook
Thursday March 20, 7:48 pm ET
Altus Shares Rise As Jefferies Reaffirms 'Buy' Rating on Outlook for Program Partnerships


NEW YORK (AP) -- Shares of Altus Pharmaceuticals rose Thursday as Jefferies & Co. reaffirmed a "Buy" rating on the stock, citing the potential for a partnerships on several developing drugs.
The stock gained 34 cents, or 7.4 percent, to close at $4.95. Shares have traded between $4.35 and $16.13 in the last 52 weeks.

Analyst Eun Yang maintained a $16 price target while citing the partnership potential for Altus' Trizytek pancreatic insufficiency treatment in patients with cystic fibrosis and the growth hormone ALTU-238. Pancreatic insufficiency is an inability to properly digest food.

She said near-term financing risks linger for the company, but the stock might be worth the long-term risk.

Altus is expected to ask the Food and Drug Administration for Trizytek approval in the first half of 2009.