Piper Jaffray Reiterates Overweight Rating on Achillion Pharmaceuticals

According to Piper Jaffray, Achillion Pharmaceuticals ACHN Overweight rating is reiterated. Piper Jaffray said that it doesn't necessarily expect the dust to settle following yesterday's surprise acquisition of Pharmasset (VRUS) by Gilead (GILD) and Roche's recent take-out of Anadys (ANDS). “We reiterate our Overweight rating and $12 price target based on a projected enterprise value of $890 million + YE:12E cash.” Achillion Pharmaceuticals closed yesterday at $5.94.