Boston, MA 08/12/2014 (wallstreetpr) – Biopharmaceutical company, Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) got the attention of at least three brokerages, namely, Wells Fargo & Co (NYSE:WFC), Piper Jaffray and JMP Securities. They have also resorted to lifting their price objective on the stock after the company delivered better than estimated earnings number. The equity analysts’ move comes after the company announced its quarterly numbers on August 7.
Rating Of Stock
Investment advisor Wells Fargo & Co (NYSE:WFC) had upgraded the shares of Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) to Outperform rating on Monday from Market Perform rating. The brokerage felt compelled to lift the price objective too. As a result, it had lifted its price target on the shares of Achillion Pharmaceuticals to $11 – $13 from $7 – $8 projected earlier by it.
Wells Fargo analyst Brian Abraham was more confident about the progress of ACH-3422 without incident. He was even more optimistic about 3422 and 3102 readouts. The revised price target meant that the stock is poised to move upwards by over 50% based on the price of $7.59.
Another financial advisor Piper Jaffray had also upgraded the shares of Achillion Pharmaceuticals to Overweight rating on Monday from Neutral. The brokerage had also boosted its price target to $10 from $5 on the company’s stock. It suggests that a maximum of around 31% upside potential is possible.
One more financial analyst, JMP Securities too joined the party to lift the rating to Outperform from Market perform on Friday. They have also boosted the price objective to $13, which indicates a potential upside reward of nearly 70%.
Technical Data
Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) had hit a yearly high price of $8.61 and a low $2.26. The stock also had a 50-day and 200-day moving average prices of $7.25 and $2.26 respectively. Given the recent quarterly earnings results and the resultant upgrades by different brokerages and boosting of price target, the stock could likely hit a fresh high in the coming months. However, the chances of the stock breaking the 52-week low look dim in the current situation.
