Bank Of America Updates Achillion Pharmaceuticals Model

According to Bank of America, Achillion Pharmaceuticals ACHN model was updated based on ACHN's equity offering. Bank of America said that ACHN's 11M share offering raised a net of $60.9M. “We reiterate our Buy rating and $11 PO based on upcoming data catalysts by year end: 1) Protease inhibitor, ACH-1625, 12-week on treatment Phase 2 data, 2) NS5a inhibitor (potentially pan-genotypic), ACH- 2928, proof-of-concept Phase 1b results, and 3) pan-genotypic protease inhibitor, ACH-2684, proof-of-concept Phase 1b results.” Achillion Pharmaceuticals closed on Friday at $8.08.