Achillion Pharmaceuticals is in good health on Friday as the company’s stock reached a new 52-week high of $10.20 during the course of trading.
Shares shot up by as much as 17 percent with investors rewarding the company for a perfect clinical trial of the ACH-3102 drug, which treats chronic hepatitis C. Achillion slipped from its high but was still up 11 percent in the late afternoon.
One-hundred percent of the 12 treated patients remained free of the infection four weeks after an 8-week therapy program, which included use of Gilead Science’s drug Solvadi. Gilead’s stock was also boosted by the results. The report, released at an opportune time, prevented both companies from falling victim to Friday’s market volatility.
Achillion’s Friday run added to a 2-month period of outstanding gains. The stock is up 200 percent since early June. In its second-quarter report, the pharmaceutical company posted a net loss of 16 cents per share, which was 11 percent better than the 18 cent loss that Wall Street was anticipating.
Achillion said that it will begin testing its hybrid hepatitis C solution on 12 additional patients with six weeks of treatment.
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