A month has gone by since the last earnings report for Achillion Pharmaceuticals (ACHN). Shares have lost about 2.8% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Achillion due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Achillion Reports Narrower-Than-Expected Q3 LossAchillion incurred a loss of 14 cents per share in the third quarter of 2019narrower than the Zacks Consensus Estimate of loss of 15 cents. However, it was wider than the year-ago loss of 12 cents.The company generated no revenues in the reported quarter.Research and development (R&D) expenses increased nearly 17.2% from the year-ago period to $15 million, primarily due to higher manufacturing and formulation costs for ACH-5228, partially offset by lower clinical study costs for danicopan.General and administrative expenses increased 38.6% year over year to $6.1 million due to higher legal fees and market research related professional fees.How Have Estimates Been Moving Since Then?Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.VGM ScoresAt this time, Achillion has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. However, the stock was allocated a grade of F on the value side, putting it in the bottom 20% quintile for this investment strategy.Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookAchillion has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Achillion Pharmaceuticals, Inc. (ACHN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research