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Achillion Pharmaceuticals, Inc. (ACHN): RA Capital Management Sells Over 2 Million Shares

RA Capital Management, managed by Peter Kolchinsky, continues to unload its stake in Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN). In a new filing with the U.S. Securities and Exchange Commission, RA Capital disclosed that it recently sold around 2.60 million shares of the company’s common stock. The shares were sold in 10 transactions at an average price of $11.29 per share. Following the sale, RA Capital still owns 10.40 million Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) shares.

Peter Kolchinsky

During the second week of this month, RA Capital reported selling around 1.70 million shares of Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) at an average price of $12.45 per share. Earlier this month, RA Capital revealed that it sold 835,293 shares of the company at an average price of $11.63 per share. In June, the fund reported the sale of 800,000 shares of Achillion Pharmaceuticals Inc. (NASDAQ:ACHN) in two transactions for about $8 apiece.

Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) is a pharmaceutical company focused on solutions for the most challenging problems in infectious disease including HCV and resistant bacterial infections. The company has a market cap of about $1.1 billion. On early Wednesday, the company’s stock traded down by 0.45% to $11.09. Analysts have the consensus average target price of $12.80 for the stock. The consensus average recommendation is ‘Buy.’

For the second quarter of 2014, Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) reported a net loss of $15.7 million, or $0.16 per share, compared with a net loss of $19.9 million, or $0.21 per share, for the same quarter of 2013. The company recognized no revenues for the three months ended June 30, 2014, nor any during the same period in 2013. The company reduced research and development expenses to $12.2 million in the second quarter from $16.6 million for the same period a year ago.

In June, Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) announced the launch of dosing tests for its ACH-3422 drug, under the Phase 1 clinical trial. ACH-3422 is a nucleotide polymerase inhibitor for the treatment of chronic hepatitis C viral infection. The company is continuing to develop another drug also for the treatment of chronic hepatitis C virus and has recently received a patent from the US Patent & Trademark Office.

Daniel Gold’s QVT Financial, in its latest 13F, disclosed holding 7.39 million shares of Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN). Camber Capital Management, led by Stephen Dubois, owns 5.80 million shares of the company, according to our record.

Boston-based RA Capital invests in companies with promising drugs and technologies. The value of the fund’s equity portfolio totaled around $990 million for the second quarter of 2014.

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