Achillion Pharma (ACHN) Trades Nears Session Highs

Achillion Pharma (NASDAQ: ACHN) tapped session highs in late morning trading Friday, up over 6%. The stock caught the attention of traders in June after Merck said will acquire peer Idenix Pharmaceuticals, fueling speculation it will be next.

Earlier today, Wells Fargo analyst Brian Abrahams discussed the stock in a note to clients after meeting with management. The note says all appears to be proceeding smoothly in the ph.Ib study for nuc 3422, and he doesn't believe there have been any safety/CV concerns apparent in single doses up to 500mg.

Comfort on 3422 safety will be key for future success and for driving external interest, added the analyst.

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