Investors in Achillion Pharmaceuticals (NASDAQ:ACHN) got a double-whammy of good news over the last two days, with Merck's (NYSE:MRK) purchase of fellow hepatitis c biotech Idenix pumping shares up over 40%. And Achillion is up over 50% today on further good news -- the FDA removed an almost year-long clinical hold on its drug sovaprevir, allowing its phase 2 drug trial to continue.

Good news -- but good enough to buy Achillion? What about competitors, like Gilead's (NASDAQ:GILD) Sovaldi and incoming drugs from AbbVie (NYSE:ABBV), Merck, and Bristol-Myers Squibb? In the video below, health care analyst Michael Douglass lays out his thoughts on why investors would be better served staying on the sidelines.

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Matt Trogdon has no position in any stocks mentioned. Michael Douglass owns shares of Apple. The Motley Fool recommends Gilead Sciences, Apple, and Johnson & Johnson. The Motley Fool owns shares of Gilead Sciences, Apple, and Johnson & Johnson. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.