Altus stock plunges on clinical trial delay

Investors severely punished Altus Pharmaceuticals' stock after learning that the developer was delaying two Phase III trials slated for the last half of this year. Altus announced that it needs more time to produce and test additional amounts of its enzyme replacement therapy, ALTU-135, to ensure that it has a reliable production process in place. One lot of the orally-administered therapy showed lower activity for an enzyme. Altus also said that researchers were experiencing a delivery delay for equipment needed to produce ALTU-238, a human growth hormone. Altus stock lost about a third of its value on the news.

- check out this MarketWatch article on Altus