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Achillion Pharmaceuticals (NASDAQ:ACHN) was downgraded by stock analysts at Bank of America Corp. from a “neutral” rating to an “underperform” rating in a report issued on Monday, AnalystRatingsNetwork.com reports. They currently have a $2.00 price objective on the stock, down from their previous price objective of $10.00. Bank of America Corp.’s price target would indicate a potential downside of 33.77% from the company’s current price.

The analysts wrote, “After the market close, ACHN provided an update on its HCV pipeline that we believe sets the company so far back that it is extremely unlikely its products will have strategic value in the highly competitive HCV development landscape. The one potential exception is the company’s pre-clinical stage nuc, but chances of this product going into the clinic in a difficult regulatory environment and chances that it is as safe and as potent as GILD’s sofosbuvir seem dishearteningly low, in our view. As such, we are downgrading from BUY to Underperform. We are lowering our PO from $10 to $2, which reflects ACHN’s current cash position.”

Shares of Achillion Pharmaceuticals (NASDAQ:ACHN) traded down 58.29% during mid-day trading on Monday, hitting $3.02. 38,839,556 shares of the company’s stock traded hands. Achillion Pharmaceuticals has a one year low of $6.12 and a one year 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 $291.9 million. Achillion Pharmaceuticals also was the target of unusually large options trading on Monday. Stock traders bought 12,594 put options on the stock. This is an increase of approximately 845% compared to the average daily volume of 1,332 put options.

A number of other analysts have also recently weighed in on ACHN. Analysts at Robert W. Baird cut their price target on shares of Achillion Pharmaceuticals (NASDAQ:ACHN) from $16.00 to $12.00 in a research note to investors on Tuesday, July 2nd. They now have an “outperform” rating on the stock. Separately, analysts at JMP Securities cut their price target on shares of Achillion Pharmaceuticals (NASDAQ:ACHN) from $15.00 to $12.00 in a research note to investors on Tuesday, July 2nd. Finally, analysts at Leerink Swann reiterated a “hold” rating on shares of Achillion Pharmaceuticals (NASDAQ:ACHN) in a research note to investors on Tuesday, July 2nd. One investment analyst has rated the stock with a sell rating and ten have issued a hold rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $6.07.

Achillion Pharmaceuticals, Inc is a biopharmaceutical company focused on the discovery, development and commercialization of treatments for infectious diseases.

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