Merrill ups Altus price target to $27

Altus Pharmaceuticals Inc. was reiterated at a buy with an increased price target of $27, from $23, by Merrill Lynch analyst Tom McGahren. The analyst believes that 2007 should be a critical year for the top small cap pick, given its two promising late-stage candidates and a key crystallization platform. McGahren had been looking for an update on the manufacturing issues that delayed the start of the pivotal trials for ALTU-135 and ALTU-238, which the company delivered with good news on both. The analyst thinks the company is in serious partnership discussions. Shares of the Cambridge, Mass.-based biopharmaceutical company were up $1.32, or 7.64%, at $18.59. (Nasdaq: ALTU)

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