Big Blow For Achillion Pharmaceuticals, Inc (NASDAQ:ACHN)
On Monday, Piper Jaffray downgraded Achillion Pharmaceuticals, Inc (NASDAQ:ACHN)’s rating from “overweight” to “neutral” and pulled down the PT from $15.00 to $5.00. The report by the analysts stated that after Friday’s close of trading, the company announced that the Food Drug Administration had reached the conclusion that lifting the clinical-hold on sovaprevir; the HCV protease inhibitor had not been warranted. In addition to this, the sovaprevir+ ACH-3102 Phase2 study indicated that that the RVR rate stood only at 79%. The company is now focusing on the development of ACH-2684, the 2nd generation protease inhibitor. The plan for next year is to focus on the combo data + NS5A inhibitor Phase 2 study.
Achillion Pharmaceuticals, Inc (NASDAQ:ACHN) also projects to push the nuc ACH-3422 into clinical study only in the first half of 2014 and the combo trials will commence in the second half of 2014. The Piper Jaffray analysts are saying that this also means that the 1st approval will get moved into 2017 which is a delay of at least 1 year.
In Monday’s trading session, Achillion Pharmaceuticals, Inc (NASDAQ:ACHN) dropped by 58.29%. The company’s shares opened at a price of $3.44, climbed to an intraday high of $3.62 and dropped to a close of $3.02. Approximately 38.85 million shares were traded on Monday while an average volume of 1.25 million shares were traded over 30 days. The 52-week low of the shares is $2.87 while the 52-week high is $1.25. The company has a market capitalization of $291.86 million.
About the company
Achillion Pharmaceuticals, Inc (NASDAQ:ACHN) is a bio-pharma company. It focuses on discovering, developing and commercializing treatments for various infectious diseases. It is involved in developing antivirals for the treatment of chronic hepatitis C infection (HCV), and the development of antibacterials for the treatment of resistant bacterial infections. It focuses developing 4 drug candidates for treating HCV: ACH-1625, ACH-2684, a NS3 protease inhibitor ACH-2928 and ACH-3102