Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN)
Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) stock price is up over 22% after the biotechnology company announced positive interim results for its drug candidate, ACH-4471. Also today the company reported financial results for the most recent quarter and six months. By 12:40 PM EST, ACHN shares had a volume of over 20 million shares, far exceeding their daily average of 1.5 million.
As of market close yesterday, ACHN shares were down YTD, but after news of the interim clinical trial results, ACHN stock gapped up to open at $4.70 then proceeded to blast through resistance just above $5.00. Shares of ACHN then hit an inter-day high of $5.66 before sellers came in and pushed the shares back below the $5.00 level. Analysts have given ACHN stock a price target of $6.75.
ACHN stock chart:
Achillion Pharmaceuticals Reports Interim Results
Achillion Pharmaceuticals released interim data from ongoing ACH-4471 trials that indicated the drug candidate had achieved clinically meaningful complement inhibition and demonstrated a favorable tolerability profile with no reports of clinically meaningful increases in liver enzymes. In this initial set of data, ACH-4471 improved LDH, hemoglobin, fatigue score, and other measures of response including PNH clone size. These interim results support Achillion’s global expansion plans for PNH clinical trials.
Achillion Pharmaceuticals Financial Report
For Q2 2017, Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) reported a net loss of (-$22.5) million or (-$0.16) per share, compared with a net loss of $18.5 million or $0.14 per share for the second quarter of 2016. Cash, cash equivalents, marketable securities, and interest receivable as of June 30, 2017 were $369.9 million. Research and development expenses were $18.3 million compared with $14.2 million for the same period of 2016. The increase was primarily due to increased ACH-4471 clinical trial costs as well as increased manufacturing costs for ACH-5228. SG&A expenses were $5.4 million, compared with $5.2 million for Q2 2016. The increase was primarily due to increased legal and consulting fees.
For the six months ended June 30, 2017, Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN)’s net loss was $42.7 million, compared to a net loss of $36.6 million for the first half of 2016. R&D totaled $33.8 million, compared with $27.4 million for the same period in 2016.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
Don’t miss out! Stay informed on $ACHN and receive breaking news on other hot stocks by signing up for our free newsletter!
About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.