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TheStreet Open House

Why Achillion Pharmaceuticals (ACHN) Stock Hit a One-Year High Today

NEW YORK (TheStreet) -- Achillion Pharmaceuticals  (ACHN) hit a 52-week high of $10.10 on Monday after Deutsche upgraded the stock and increased its price target 183%.

Deutsche upgraded the stock to "buy" from "hold" and increased the price target to $17 from $6. Deutsche said execution is improving and the new Chief Marketing Officer should increase management prowess.

The stock surged on Friday after Achillion announced its experimental hepatitis C drug ACH-3102 cured all patients in a mid-stage trial.

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Interim results from the trial showed no detectable traces of the hepatitis C virus in 12 patients who took the drug in combination with Gilead Sciences' (GILD) Sovaldi, also known as sofosbuvir, four weeks after treatment completion. Achillion announced it would start treatment on 12 additional patients for six weeks with a once-daily dose of the two drugs.

The trial did include an older hepatitis C drug called ribavirin, which had side effects including rashes and anemia.

The stock was up 4.32% to $9.65 at 10:07 a.m.  ACHN Chart ACHN data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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