Achillion disappoints investors with lackluster IPO

Achillion Pharmaceuticals went public, raising $51.8 million in its IPO. But the results were well below the established price range. The company sold 30 percent of its equity at $11.50 a share compared to a forecast of $14 to $16 a share. This is just the latest in a string of lackluster public openings and tends to underscore the weak market conditions that still prevails for biotech stocks. Trubion went public just days ago, trading at the bottom of its forecasted price range. Achillion was a 2003 Fierce 15 company.

- here's the report on Achillion's IPO from