Achillion Pharmaceuticals, Inc. (NASDAQ: ACHN) announced that it has received a $15 million milestone payment from Janssen Research & Development, LLC., part of the Janssen Pharmaceutical Companies of Johnson & Johnson (Janssen), related to enrollment in the OMEGA-1 Phase 2b global, clinical trial of JNJ-4178, a 3DAA combination of odalasvir, simeprevir, and AL-335 in patients with treatment-naive chronic hepatitis C virus infection (HCV) without cirrhosis.

“We are delighted to have reached this milestone following Janssen’s recent initiation of the OMEGA-1 global clinical trial evaluating JNJ-4178, a once-daily combination of AL-335, simeprevir, and the Achillion-discovered NS5A inhibitor, odalasvir, and we look forward to JNJ-4178’s continued clinical advancement,” commented Milind Deshpande, Ph.D., President and Chief Executive Officer of Achillion.

Initiated in November 2016, the objectives of OMEGA-1 are to investigate the efficacy, safety and pharmacokinetics of JNJ-4178 (AL-335 (800mg QD), odalasvir (25mg QD), and simeprevir (75mg QD)) in treatment-naive and treatment-experienced non-cirrhotic subjects with HCV genotype 1, 2, 4, 5, and 6 infection. A total of 300 patients are expected to be enrolled.

Patients in the study will receive the triple combination for either six or eight weeks, and the primary efficacy endpoint will be the percentage of patients with a sustained virological response 12 weeks after the end of treatment (SVR12). (Original Source)

Shares of Achillion Pharmaceuticals closed yesterday at $4.18, down $0.20 or -4.57%. ACHN has a 1-year high of $10.95 and a 1-year low of $3.78. The stock’s 50-day moving average is $4.30 and its 200-day moving average is $7.14.

On the ratings front, Achillion Pharmaceuticals has been the subject of a number of recent research reports. In a report issued on November 4, Chardan analyst Madhu Kumar upgraded ACHN to Hold, with a price target of $5, which represents a potential upside of 20% from where the stock is currently trading. Separately, on November 3, Robert W. Baird’s Brian Skorney reiterated a Buy rating on the stock and has a price target of $10.

According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Madhu Kumar and Brian Skorney have a yearly average loss of -17.7% and -1.6% respectively. Kumar has a success rate of 32% and is ranked #4124 out of 4295 analysts, while Skorney has a success rate of 44% and is ranked #3485.

Achillion Pharmaceuticals, Inc. is a biopharmaceutical company that discovers, develops and commercializes innovative treatments for infectious diseases. The company is currently engaged in the development of antivirals for the treatment of chronic hepatitis C infection and resistant bacterial infections. Its products include ACH-3102, ACH-2684, Sovaprevir and ACH-3422.