UPDATE: Piper Jaffray Cuts PT to $15 on Achillion Pharmaceuticals on Equity Offering Dilution

Piper Jaffray maintained Achillion Pharmaceuticals

with an Overweight rating and lowered the price target from $16.00 to $15.00. Piper Jaffray said, "Achillion now holds proforma cash of $211 million following a recent 16.9 million share offering. We are buyers of ACHN shares ahead of SVR-4 data from the 12-week trial of ACH-3102 + ribavarin in 8 HCV genotype 1b patients at EASL in April. … We continue to see Achillion as a likely take-out candidate for its promising HCV pipeline. We reiterate our Overweight rating, however are trimming our price target to $15 from $16 price target due to dilution from the equity offering." Achillion Pharmaceuticals closed at $8.15 on Friday.