2 Reasons Behind Achillion Pharmaceuticals, Inc.'s 11% Tumble in July
Shares of Achillion Pharmaceuticals (NASDAQ: ACHN), a clinical-stage drug developer focused on small-molecule treatments for infectious diseases, such as hepatitis C, turned in a dismal July and sank 11% for the month, according to data from S&P Global market Intelligence. There appear to be two reasons behind Achillion's poor performance.
The first negative catalyst for Achillion came on July 10, when management changes were announced. While it was noted that Mingjun Huang, Ph.D., was being promoted to Senior Vice President and Head of Research, it was overshadowed by the resignation of Executive Vice President and Chief Scientific Officer Joel Barrish, Ph.D., effectively July 14. Barrish was a key figure in the company's expansion of its Factor D inhibitor pipeline, and his departure comes at a time when the future of Achillion's pipeline is very much up in the air. Long story short, it's a worrisome development for investors.
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Source: Fool.com
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