Achillion Shares Spike Higher, Near $11 As UBS Analyst Sees Possibility Of M&A

Shares of Achillion Pharma ACHN got a mid-day pop Monday following some bullish comments from UBS's Andrew Peters. The stock rallied more than six percent following the release of the intraday research note, adding onto an already 4.7 percent gain. The UBS analyst believes the Street has been pricing in M&A potential into Achillion shares. Peters had previously viewed InterMune ITMN as the top takeover candidate in the biotech space. Given the premium by Roche and an apparent competitive process, Peters highlighted a scarcity of de-risked assets. Peters maintains a Buy rating and $11 price target on shares of Achillion. The stock last traded at $10.80, up more than 10.5 percent for Monday's session.