FBR Capital Starts Achillion Pharmaceuticals (ACHN) at Outperform, $16 PT
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends flat; Microsoft rallies, healthcare falls
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
- Rockwell Automation (ROK) Said to Attract Takeover Interest from Schneider Electric - Source
- British American Tobacco Offers to Acquire Remaining Shares of Reynolds American (RAI) for $56.50/Share
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
FBR Capital initiates coverage on Achillion Pharmaceuticals (NASDAQ: ACHN) with a Outperform rating and a price target of $16.00.
Analyst Christopher James commented, "We are initiating coverage of Achillion Pharmaceuticals, Inc. (ACHN) with an Outperform rating and a 12-month price target of $16 per share. We see two very clear value creation paths for ACHN investors. The first is with ACH-4471 for several rare diseases driven by disorders of the complement system, which are multi-billiondollar indications. The second path is through hepatitis C virus (HCV), which is partnered with Janssen Pharmaceuticals. Within the complement space, Achillion is developing small molecule factor D inhibitors for the treatment of paroxysmal nocturnal hemoglobinuria (PNH), C3 glomerulopathy (C3G), and atypical hemolytic uremic syndrome (aHUS). By the end of 3Q16, we expect ACH-4471 to complete Phase I development, setting the stage to begin Phase II studies in PNH and C3G this year. Based on company guidance, we expect interim results for ACH-4471 in PNH by year-end. Although we believe the HCV path will be significantly more challenging given the competitive landscape, the collaboration with Janssen has over $900 million in potential milestones and royalties that escalate into the mid-20% range."
Shares of Achillion Pharmaceuticals closed at $7.63 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Starts Xenon Pharmaceuticals (XENE) at Buy
- Imperial Capital Raises Price Target on Proofpoint (PFPT) Following Strong 3Q Results
- Imperial Capital Raises Price Target on American Airlines (AAL) Following 3Q EPS Beat
Create E-mail Alert Related CategoriesAnalyst Comments, New Coverage
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!