UPDATE: Wells Fargo Initiates Coverage on Achillion Pharmaceuticals

A report from Wells Fargo initiates coverage on Achillion Pharmaceuticals

. The report states, “We are initiating coverage of ACHN with an Outperform and an $8-10 valuation range based on a blended EPS/sales multiples analyses. In our view, ACHN has one of the most interesting early-stage hepatitis C (HCV) pipelines. Several HCV companies have appreciated recently on growing enthusiasm for direct-acting antiviral (DAA) combinations, but we believe ACHN has remained somewhat below the radar.” ACHN closed yesterday at $5.95.