What's more, the company also recently announced the nomination of ACH-3422, which is a preclinical compound designed to inhibit HCV NS5B polymerase, a form of the hepatitis C virus.

The company expects to begin in-human studies of this new nomination by the first half of 2014, which will then be followed by combination development in the second half of that year.

Between ACH-1625, ACH-3102, and now ACH-3422, Achillion has plenty of offensive firepower to take on some of the bigger biotech rivals for years to come. And if the company can successfully launch any type of combo therapy to match a market leader like AbbVie ( ABBV), shares of Achillion should take off.

Accordingly, astute investors with an above-average risk tolerance should consider taking a position in the stock, especially given the recent drop. It's an overreaction.

With Achillion recently trading at $6.30, the stock has a chance to double over the next six to 12 months even with small breakthroughs in Sovaprevir.

At the time of publication, the author held no position in any of the stocks mentioned.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.
Richard Saintvilus is a private investor with an information technology and engineering background and the founder and producer of the investor Web site Saint's Sense. He has been investing and trading for over 15 years. He employs conservative strategies in assessing equities and appraising value while minimizing downside risk. His decisions are based in part on management, growth prospects, return on equity and price-to-earnings as well as macroeconomic factors. He is an investor who seeks opportunities whether on the long or short side and believes in changing positions as information changes.

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