Maxim Group Significantly Raises Achillion's PT, Shares Soar +15%

Maxim Group analyst Jason Kolbert raised the price target on Buy rated Achillion Pharmaceuticals ACHN from $6.00 to $22.00. Kolbert wrote that Achillion is set for "fundamental progress" with multiple catalysts. The analyst highlighted the experimental hepatitis C drugs and the potential patent protection for its nucleotide program. The Maxim Group doesn't understand the bears' arguments on the pharmaceutical company. Kolbert commented that he doesn't see merit to the arguments that Achililon's drugs may not work or even that the hepatitis C market could "disappear after patients are cured." Shares of Achillion Pharmaceuticals closed at $6.47 on Friday. The stock was up 16.3 percent just after Monday's opening bell.