Up 58%: Should You Buy Achillion Pharmaceuticals Today?

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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