Why Achillion Pharmaceuticals Stock Flew Higher Again Today

Shares of Achillion Pharmaceuticals (NASDAQ: ACHN) flew 18% higher on Friday. Today's big jump continued the momentum from earlier this week when the biotech stock soared after the company announced positive results from a phase 1 clinical study for experimental oral factor D inhibitor ACH-5228. Achillion stock has skyrocketed nearly 69% higher since the company reported the news from its phase 1 study.

You might be thinking that investors are experiencing a bit of irrational exuberance with Achillion. After all, the results were only from an early-stage study. There's a long way to go before ACH-5228 has a shot at winning regulatory approval.

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