UPDATE: Bank of America Downgrades Achillion Pharmaceuticals to Underperform

Bank of America downgrades Achillion Pharmaceuticals

to Underperform from Buy and cuts its target to $10 from $11 on lack of expected upside give share price doubling from M&A speculation. Bank of America comments, "We see potential downside risk to shares heading into a heavy HCV data season this spring which we believe will demonstrate oral HCV regimens can generate high cure rates in the absence of protease inhibitors. While ACHN shares could continue to benefit from the HCV M&A theme, we view the company's assets as having limited strategic appeal to companies most in need of building their HCV pipeline." ACHN closed at $11.57 a share on Monday.