Achillion Pharmaceuticals, Inc. (NASDAQ: ACHN) is having an overwhelmingly strong day in the market today, and for good reason. The company announced positive financial results for the three and six month period ending on June 30th and provided updates with regard to clinical programs. Of course, this led to excitement among investors, pushing the stock toward the top and prompting our partners at Trade Ideas to alert us to the gains. At he moment (8:56), ACHN is trading at $4.90 per share after a gain of $0.89 per share or 22.19% thus far today.
ACHN Gains Big On Strong Earnings
As mentioned above, Achillion Pharmaceuticals is having an overwhelmingly strong time in the pre-market hours this morning after reporting financial results. During the second quarter, Achillion reported a net loss in the amount of $22.5 million or $0.16 per share. Cash, cash equivalents, marketable securities, and interest received came in at $369.9 million.
More importantly however, the company seems to be meeting its goals with regard to ACH-4471. According to the company, the interim results of the Phase 2 study that ACHN has been working on are proving to be positive. In fact, Milind S. Deshpande, Ph.D., President and CEO at ACHN, had the following to offer…
“Our focus in early clinical development with ACH-4471 has been on achieving proof-of-concept via factor D inhibition, and we are pleased to report that we believe we have achieved this goal. The emerging interim results from our Phase 2 PNH trial have demonstrated a dose response to treatment with what we believe to be meaningful improvements in LDH, hemoglobin, fatigue score and other markers of response. To date, orally administered ACH-4471 has been well tolerated in this PNH clinical rial with four patients enrolled and treated with ACH-4471, two of whom have now received more than four months of dosing… We believe that inhibition of factor D represents a highly innovative and differentiated mechanism of action with the potential to address multiple diseases of the alternative pathway, including PNH, C3G, IC-MPGN and geographic atrophy, an advanced form of dry age-related macular degeneration.”
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ACHN. In particular, we’re interested in following the ongoing work with regard to ACH-4471, as the treatment seems to be overwhelmingly promising. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!