Achillion Pharmaceuticals Shares Shoot Up On Positive Trial Results

Achillion Pharmaceuticals, Inc. (ACHN), a global a biopharmaceutical company yesterday reported their second quarter 2017 financial results.

Achillion reported a second quarter loss of $22.5 million  Achillion reported adjusted second quarter earnings of a loss of  $0.16 per share which exactly what analysts were expecting.   

Achillion Pharmaceuticals, Inc. CEO’s  Comments

“Our focus in early clinical development with ACH-4471 has been on achieving proof-of-concept via factor D inhibition, and we are pleased to report that we believe we have achieved this goal. The emerging interim results from our phase 2 PNH trial have demonstrated a dose response to treatment with what we believe to be meaningful improvements in LDH, hemoglobin, fatigue score and other markers of response. To date, orally administered ACH-4471 has been well tolerated in this PNH clinical trial with four patients enrolled and treated with ACH-4471, two of whom have now received more than four months of dosing,” commented Milind S. Deshpande, Ph.D., President and Chief Executive Officer of Achillion. “We believe that inhibition of factor D represents a highly innovative and differentiated mechanism of action with the potential to address multiple diseases of the alternative pathway, including PNH, C3G, IC-MPGN and geographic atrophy, an advanced form of dry age-related macular degeneration.”  Globe Newswire

ACHN Technical Analysis

(Click on image to enlarge)

Achillion Pharmaceuticals

ACHN opened trading yesterday at $4.00 which was up from the previous day’s trading close of $3.97. ACHN closed trading yesterday at $4.01 and spiked up after market to $5.12, equivalent to a 28% increase from the closing price. Taking a look at the daily chart we can see the last time ACHN traded above these levels we have to go back to July 5th when it traded at $5.15.

Taking a closer look at the daily chart we can see that before the spike up ACHN had been a trading range in between $3.00 and $5.00 dating back to November 2016. ACHN has a float of 91.43 million shares and traded 1.42 times the normal daily trading volume on Tuesday.

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Kate Hayden 3 years ago Contributor's comment

The stock corrected but has been inching back, holding around $5, so it looks like investors are holding onto the positive takeaway from earnings.