UPDATE: Deutsche Bank Initiates Buy on Achillion Pharmaceuticals

Deutsche Bank initiated its coverage on Achillion Pharmaceuticals

with a Buy rating and a price target of $12 per share. Deutsche Bank said, "ACHN's first R&D Day is 9/27. We believe ACHN has HCV drugs that will be very competitive in a big HCV market. … We think 3102 will show easily over 3 logs of viral reduction making it very competitive relative to all classes of HCV drugs. Our focus will be on the resistance profile for 3102. We think 3102 could work in mutations where first gen NS5As (ABT&GILD) do not. We expect some color on this at R&D Day." Achillion Pharmaceuticals closed at $8.28 on Tuesday.