Buy Achillion Pharmaceuticals (ACHN) on Sell-Off - Baird
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Baird analyst Brian Skorney is telling clients to buy Achillion Pharmaceuticals (NASDAQ: ACHN) on today's sell-off. The firm reiterated an Outperform rating and price target of $10.
Skorney commented, "The market for biotech has completely broken down and with it, Achillion's nominally bad news on the Factor D program (which we are not currently modeling) has cut it down by almost a third today. With $3/share in cash and a J&J deal with milestones exceeding $5/share -- not counting double digit royalties -- we don't really care if Factor D is dead or not."
Shares of Achillion Pharmaceuticals closed at $6.04 yesterday.
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