Maxim Reiterates Buy Rating And Raises Achillion Price Target To $22
In a research note issued today, Maxim Group analyst Jason Kolbert reiterated a Buy rating and boosted his price target on Achillion Pharmaceuticals (ACHN) to $22.00 (from $6.00).
“We see a viable protease inhibitor (sovaprevir/ACHN-2684), a best-in-class NS5A (ACHN-3102), and an exciting nucleotide program that could have proof-of-concept data in HCV patients by year end. In addition, we believe the issuance of IP around the nucleotide could be another catalyst for the company. Bears’ arguments? The HCV market will be gone (with everyone cured from existing regimens), Achillion’s nucleotide may not work, and it doesn’t have IP (yet). Protease inhibitors are a flawed class. NS5A is important but only on top of a nucleoside. We do not find these arguments credible”, says Kolbert.
According to TipRanks, which measures analysts and bloggers success rate based on how their calls perform, analyst Jason Kolbert, who covers ACHN, currently has a one-year average return of 9.4% and a 54% success rate, and ranked #260 out of 3102 analysts.