RA Capital Management, managed by Peter Kolchinsky, has sold 800,000 shares of Achillion Pharmaceuticals Inc. (NASDAQ:ACHN) in two transactions for about $8 apiece on June 20, 2014. Following the sale, the fund currently owns around 22.49 million shares, down from 23.37 million shares disclosed previously, according to a new filing with the U.S. Securities and Exchange Commission. The new position amasses 23.2% of the outstanding common stock.
Achillion Pharmaceuticals Inc. (NASDAQ:ACHN) is a pharmaceutical company focused on solutions for the most challenging problems in infectious disease including HCV. The company has a market cap of $720.2 million.
For the first quarter of 2014, the company reported a net loss of $16.1 million, or $0.17 per share, compared with a net loss of $11.7 million, or $0.14 per share, in the same period of 2013. It reported an increase in research and development expenses to $12.8 million in the first quarter, compared with $8.7 million for the same period of 2013, primarily due to increased preclinical and manufacturing costs for ACH-3422, combined with increased clinical development costs for ACH-3102 and ACH-2684, according to a statement.
Shares of the company traded down 2.11% to $7.43 on Wednesday. It has a 52 week high of $8.61 and a 52 week low of $2.26. Analysts have the consensus average target price of $10.00 for the stock. The consensus average recommendation is ‘overweight’.
Boston-based RA Capital invests in companies with promising drugs and technologies. At the end of first quarter of 2014, the value of the fund’s equity portfolio was $1.4 billion. The largest holding was represented by Sangamo Biosciences Inc. (NASDAQ:SGMO), in which RA Capital disclosed ownership of 5.22 million shares. Dicerna Pharmaceuticals Inc (NASDAQ:DRNA) is another important holding, in which the fund revealed holding 2.43 million shares.