NEW YORK (TheStreet) -- Achillion Pharmaceuticals (ACHN) - Get Achillion Pharmaceuticals, Inc. Report surged to a 52-week high of $11.15 in afternoon trading Monday after UBS tabbed the company as a possible takeover target.
Roche's $8.3 billion bid for InterMune (ITMN) led the biotech sector up on Monday. In the wake of the news, UBS highlighted Achillion as another potential merger and acquisition target.
"While we had viewed InterMune as a top take-out candidate in biotech, we also note our Buy rating on Achillion Pharmaceuticals shares also reflects M&A potential," the firm wrote, according to Barron's.
The stock was up 11.81% to $10.91 at 2:20 p.m. More than 10 million shares had changed hands, compared to the average volume of 7,447,590.
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