Shares of Achillion Pharmaceuticals Inc. (NASDAQ:ACHN) dropped 3.1% during mid-day trading on Thursday . The company traded as low as $8.40 and last traded at $8.65, with a volume of 1,262,019 shares trading hands. The stock had previously closed at $8.93.

ACHN has been the subject of a number of recent analyst reports. Zacks Investment Research raised shares of Achillion Pharmaceuticals from a “hold” rating to a “buy” rating and set a $10.00 target price for the company in a research note on Tuesday, April 26th. Leerink Swann reissued a “market perform” rating and set a $9.00 target price (up from $7.00) on shares of Achillion Pharmaceuticals in a research note on Wednesday, May 4th. Jefferies Group reissued a “hold” rating on shares of Achillion Pharmaceuticals in a research note on Thursday, May 5th. Robert W. Baird reissued an “outperform” rating and set a $10.00 target price on shares of Achillion Pharmaceuticals in a research note on Monday, June 6th. Finally, JMP Securities raised shares of Achillion Pharmaceuticals from a “market perform” rating to an “outperform” rating and set a $13.00 target price for the company in a research note on Thursday, July 7th. One research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of $9.63.

The stock’s market capitalization is $1.20 billion. The company’s 50 day moving average is $8.84 and its 200-day moving average is $8.08.

Achillion Pharmaceuticals (NASDAQ:ACHN) last issued its earnings results on Tuesday, May 3rd. The biopharmaceutical company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.01. During the same period last year, the company earned ($0.17) earnings per share. On average, equities research analysts predict that Achillion Pharmaceuticals Inc. will post ($0.65) EPS for the current year.

Several hedge funds have modified their holdings of ACHN. Marshall Wace LLP increased its stake in shares of Achillion Pharmaceuticals by 36.8% in the fourth quarter. Marshall Wace LLP now owns 970,862 shares of the biopharmaceutical company’s stock worth $10,476,000 after buying an additional 261,007 shares during the last quarter. Morgan Stanley increased its stake in shares of Achillion Pharmaceuticals by 738.4% in the fourth quarter. Morgan Stanley now owns 233,221 shares of the biopharmaceutical company’s stock worth $2,517,000 after buying an additional 205,405 shares during the last quarter. ProShare Advisors LLC increased its stake in shares of Achillion Pharmaceuticals by 10.1% in the fourth quarter. ProShare Advisors LLC now owns 126,923 shares of the biopharmaceutical company’s stock worth $1,370,000 after buying an additional 11,681 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Achillion Pharmaceuticals by 14.0% in the fourth quarter. Rhumbline Advisers now owns 117,525 shares of the biopharmaceutical company’s stock worth $1,268,000 after buying an additional 14,425 shares during the last quarter. Finally, Swiss National Bank increased its stake in shares of Achillion Pharmaceuticals by 6.8% in the fourth quarter. Swiss National Bank now owns 152,400 shares of the biopharmaceutical company’s stock worth $1,644,000 after buying an additional 9,700 shares during the last quarter.

Achillion Pharmaceuticals, Inc is a biopharmaceutical company. The Company’s primary business is to discover, develop and commercialize small molecule therapeutics for the treatment of infectious diseases and immune system disorders. The Company is focused on its complement inhibitor platform, directed at advancing small molecule compounds that have the potential to be used in the treatment of immune-related diseases associated with the complement system.

Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.