Achillion (ACHN) Shares Rocked as BofA Cuts to Underperform

Shares of Achillion Pharma (Nasdaq: ACHN) are getting walloped Tuesday morning following a two-notch downgrade from BofA's Rachel McMinn. The stock last traded at $9.60, down a sharp 17 percent from Monday's close.

McMinn now rates Achillion shares an Underperform, down from Buy previously. The analyst said recent upside related to takeover chatter "leaves no room for upside." Achillion shares rose as much as 65 percent from just under $8 in early January to over $12 following Bristol-Myers (NYSE: BMY) bid for Inhibitex (Nasdaq: INHX).

The BofA analyst pointed out a lack of companies devloping hep C drugs which need a protease inhibitor like Achillion's ACH-1625. McMinn also warned of possible risks to the downside as competitors eventually release info on new oral HCV products which work without protease inhibitors.

Visit our Analyst Ratings page to track all the market-moving upgrades/downgrades on shares of Achillion Pharma.

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