Achillion Pharmaceuticals (ACHN) Stock Hits New One-Year High

NEW YORK (TheStreet) -- Achillion Pharmaceuticals  (ACHN) touched another 52-week high of $12 on Tuesday after UBS tabbed the company as a possible takeover target on Monday in the wake of Roche's $8.3 billion bid for InterMune (ITMN) .

The deal led the biotech sector up on Monday and 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.

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The stock was up 4.64% to $11.28 at 12:09 p.m. More than 8.9 million shares had changed hands, compared to the average volume of 7,668,470.

ACHN Chart ACHN data by YCharts

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