Altus Falls Sharply on Cystic Fibrosis Trial Results (ALTU)
August 12, 2008 · Filed Under General · Comments Off
Altus Pharmaceuticals Inc. (ALTU) is trading lower after mixed results in a cystic fibrosis Phase III trial. Unfortunately, the results weren’t quite what the investment community was hoping for.
The study met some of the endpoints, but there were hopes for better results that had been indicated and some results varied geographically between those in the U.S. and those outside the U.S. This was its Phase III efficacy trial for cystic fibrosis patients suffering from pancreatic inefficiency.
So far this morning we have also seen a downgrade as Cowen & Co. lowered its rating to NEUTRAL from Outperform.
Shares are down over 30% pre-market at $3.36 as of 8:40 AM EST.
JON OGG
August 12, 2008