UPDATE: UBS Investment Research Upgrades Achillion to Neutral; Balanced Risk/Reward

UBS Investment Research raises its rating on Achillion (NASDAQ: ACHN) from Sell to Hold on a risk/reward that is now balanced. Price target is lowered from $7 from $6. UBS Investment Research comments, "We revisit our stance given the change in valuation (~$450M fully diluted EV). We see five upcoming catalysts for the stock: (1) ACH-3102 data (3Q, likely positive for stock); (2) Potential equity raise (negative for stock) post NS5a data; (3) Final Phase II data for ACH-1625 at AASLD (potentially negative based on poor SVR); (4) Start of ACH-1625/ACH-3102 combo trial around YE (likely positive for stock); and (5) Potential acquisition (positive) or licensing (negative)."ACHN closed at $5.98 on Friday.