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Editor's notes: The potential of ACHN's hepatitis C drug indicates a fair value more than double market price, with significant further upside if a ribavirin-free regimen proves viable.

There are broadly two types of biotech investors - the Wile E. Coyote types who see bargains everywhere and charge bravely after them and the Roadrunner types that know better than to charge off a cliff and into thin air. Watch an episode or two and you'll see how the two types fare over time.

That bring me to Achillion Pharmaceuticals (ACHN) and an opportunity that looks so good, I keep wondering if it's just a false image painted on the mountainside. There have been some definite ups and downs across the sector in the race to develop new drugs for hepatitis C (HCV), but Achillion looks like the real deal. Success with Study 007 could point...

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