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Achillion Pharmaceuticals Down 25 Percent on Disappointing Data (ACHN)

Shares of Achillion Pharmaceuticals (NASDAQ: ACHN) plunged 25 percent Tuesday after the FDA placed its lead compound, sovaprevir, known as ACH-1625 on clinical hold.

According to the company press release, the FDA placed ACH-1625 on clinical hold following the discovery of elevated liver enzymes in a phase 1 drug to drug interaction study with atazanavir. However, the FDA is allowing it to continue enrollment in med-stage trials of ACH-3102 in combination with sovaprevir for the treatment of hepatitis-C.

[stock-tools exchange="NASDAQ" symbol="ACHN" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the above named equity.

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