Achillion Pharmaceuticals, Inc. (ACHN) jumped $1.25, or 20.80%, Wednesday after the company announced plans to sell 9 million shares of stock in a public offering, expected to net proceeds of about $52.1 million. After testing its all-time high and key resistance in the 7.50 area during the day, the stock fell back to the 7.20 area where it closed. If momentum continues in the next few days and breaks resistance at 7.60, we could see the stock reach the 8.40 to 8.80 area next. Preferred entry (buy stop) price is at 7.65, with a stop at 6.70.
Originally published on TraderHR.com.