UPDATE: Bank of America Upgrades Achillion Pharmaceuticals to Buy on Pipeline Outlook

Bank of America raised its rating on Achillion Pharmaceuticals

from Underperform to Buy and increased its price objective from $7 to $13. Bank of America commented, "We are upgrading ACHN shares from Underperform to Buy following our recent attendance of a small HCV conference. We are now more optimistic in the market potential for ACHN's two drug HCV combo based on our view that: (1) HCV is likely to become a highly price sensitive market, which could open the door for GT1b developing into a sizeable submarket for simple oral regimens; (2) ACHN could be a fast follower with an improved competitive profile; (3) ACHN's combo could come to market in late 2015 without needing a development partner." Achillion Pharmaceuticals closed at $8.10 on Tuesday.