Achillion Pharmaceuticals Stock Rating Lowered by Piper Jaffray Cos. (ACHN)
Achillion Pharmaceuticals (NASDAQ:ACHN) was downgraded by equities research analysts at Piper Jaffray Cos. from an “overweight” rating to a “neutral” rating in a research note issued to investors on Monday, TheFlyOnTheWall.com reports. They currently have a $5.00 price target on the stock, down from their previous price target of $15.00. Piper Jaffray Cos.’s price target would indicate a potential downside of 30.94% from the company’s current price.
The analysts wrote, “On Friday 9/27 after the close, Achillion announced that the FDA concluded that lifting the clinical hold on HCV protease inhibitor sovaprevir was NOT warranted. Further, the Phase II study of sovaprevir + ACH-3102 showed an RVR rate of only 79%. Achillion is now focusing development on 2nd-gen protease inhibitor ACH-2684 with Phase II combo data + NS5A inhibitor ACH-3102 next year. Achillion also expects to advance its nuc ACH-3422 into the clinic in 1H:14 and begin combo trials in 2H:14. We envision this setback pushes out Achillion first approval by at least 1 year to 2017. ACHN shares are indicated significantly lower this morning. Achillion will host a conference call this morning at 8:30AM ET to discuss clinical plans. We are downgrading Achillion to Neutral from Overweight and cutting our price target to $5 from $15.”
Shares of Achillion Pharmaceuticals (NASDAQ:ACHN) traded down 54.63% on Monday, hitting $3.285. The stock had a trading volume of 16,792,300 shares. Achillion Pharmaceuticals has a 52 week low of $6.12 and a 52 week high of $11.36. The stock has a 50-day moving average of $6.9 and a 200-day moving average of $7.42. The company’s market cap is $317.5 million.
Several other analysts have also recently commented on the stock. Analysts at William Blair downgraded shares of Achillion Pharmaceuticals (NASDAQ:ACHN) from an “outperform” rating to a “market perform” rating in a research note to investors on Monday. They now have a $5.00 price target on the stock, down previously from $14.00. Separately, analysts at Robert W. Baird downgraded shares of Achillion Pharmaceuticals (NASDAQ:ACHN) from an “outperform” rating to a “neutral” rating in a research note to investors on Monday. They now have a $8.00 price target on the stock, up previously from $4.00. Finally, analysts at JPMorgan Chase & Co. downgraded shares of Achillion Pharmaceuticals (NASDAQ:ACHN) from an “overweight” rating to a “neutral” rating in a research note to investors on Monday. They now have a $4.00 price target on the stock, down previously from $12.00. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. Achillion Pharmaceuticals has an average rating of “Hold” and an average target price of $6.79.
Achillion Pharmaceuticals, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of treatments for infectious diseases.
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