Peter Kolchinsky‘s hedge fund, Ra Capital Management disclosed upping its position in Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) some more. The fund now holds around 23.4 million shares, adding around 1.1 million shares. Over a week ago, Ra Capital, also, disclosed buying around 1.8 million shares of Achillion.
The shares have been acquired in two transactions, the average price amounting to $2.55. In this way, the total amount spent by the fund to increase its exposure in the company tops $2.8 million.
The stock of Achillion has declined by over 60% since the beginning of the year. Last week, Achillion Pharmaceuticals reported its financial results for the third quarter of the year. The company managed to narrow its net loss to $14 million, from $15.3 million posted in the same period of last year. However, for the first nine months of the year, Achillion’s net loss increased to45.6 million, from $35.9 million in the first nine months of 2012. The company hasn’t reported any revenue since the beginning of the year.
Earlier in September, Achillion stated that FDA decided to keep the clinical hold on its NS3 protease inhibitor, sovaprerir, a part of Achillion’s pipeline of therapies for treatment of chronic hepatitis C virus.
Among Achillion’s shareholders, we can mention Daniel Gold‘s Qvt Financial, which in the latest round of 13F filings disclosed holding over 11.7 million shares, worth a total of $35.4 million. Sectoral Asset Management led by Jerome Pfund and Michael Sjostrom own 384,300 shares, worth some $1.2 million. At the same time, James E. Flynn cut down its position in the company, holding previously around 1.6 million shares.