In a research report released Friday, Chardan analyst Madhu Kumar upgraded shares of Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) to a Neutral rating, without providing a price target. Achillion shares are currently trading at $4.36, up $0.04 or 0.93%.

Kumar explained, “Given Achillion share price underperformance relative to the XBI in the past three and a half months, we now upgrade Achillion to Neutral ahead of 1H17 clinical catalysts in the multiple ascending dose (MAD) study of ACH-4471. Over the past three and a half months (from market close 13 July to market close 3 November), Achillion shares have performed -52% (from $8.93/share to $4.32/share), in contrast to the SPDR S&P Biotech Index (-5%, from $56.23/share to $53.31/share). Based upon this relative underperformance, we upgrade Achillion to Neutral.”

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Madhu Kumar has a yearly average loss of 16.5% and a 35.5% success rate. Kumar has a 39.7% average return when recommending ACHN, and is ranked #3841 out of 4164 analysts.

Out of the 6 analysts polled by TipRanks (in the past 3 months), 3 rate Achillion stock a Buy, while 3 rate the stock a Hold. With a return potential of 154%, the stock’s consensus target price stands at $11.17.