Achieve Life Sciences (NASDAQ:ACHV) Announces Earnings Results, Misses Expectations By $0.04 EPS

Achieve Life Sciences (NASDAQ:ACHV) issued its earnings results on Thursday. The biopharmaceutical company reported ($0.28) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.04), Zacks reports.

Achieve Life Sciences Trading Down 3.2%

NASDAQ:ACHV traded down $0.15 during midday trading on Friday, reaching $4.59. 923,474 shares of the stock traded hands, compared to its average volume of 816,073. The stock has a market capitalization of $234.57 million, a P/E ratio of -3.14 and a beta of 1.62. The company has a debt-to-equity ratio of 0.21, a quick ratio of 6.64 and a current ratio of 6.64. The company has a fifty day moving average of $3.62 and a 200 day moving average of $3.10. Achieve Life Sciences has a 12 month low of $1.84 and a 12 month high of $5.78.

Wall Street Analyst Weigh In

Several research firms have commented on ACHV. Weiss Ratings reissued a “sell (d-)” rating on shares of Achieve Life Sciences in a research note on Wednesday. HC Wainwright started coverage on shares of Achieve Life Sciences in a report on Thursday, August 21st. They set a “buy” rating and a $12.00 target price on the stock. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.00.

Insider Transactions at Achieve Life Sciences

In other news, CFO Mark K. Oki sold 50,060 shares of the company’s stock in a transaction dated Thursday, September 18th. The shares were sold at an average price of $2.92, for a total transaction of $146,175.20. Following the completion of the transaction, the chief financial officer directly owned 127,940 shares of the company’s stock, valued at approximately $373,584.80. This represents a 28.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Jaime Xinos sold 20,854 shares of the firm’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $2.77, for a total value of $57,765.58. Following the completion of the sale, the insider directly owned 74,432 shares in the company, valued at $206,176.64. The trade was a 21.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 381,972 shares of company stock valued at $1,084,997. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On Achieve Life Sciences

A number of hedge funds and other institutional investors have recently made changes to their positions in ACHV. AQR Capital Management LLC bought a new stake in Achieve Life Sciences in the first quarter valued at $32,000. Qube Research & Technologies Ltd purchased a new stake in shares of Achieve Life Sciences in the 2nd quarter worth about $232,000. Raymond James Financial Inc. boosted its stake in shares of Achieve Life Sciences by 57.1% during the 2nd quarter. Raymond James Financial Inc. now owns 295,058 shares of the biopharmaceutical company’s stock valued at $667,000 after purchasing an additional 107,218 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Achieve Life Sciences during the 2nd quarter valued at about $159,000. Finally, Bank of America Corp DE increased its position in shares of Achieve Life Sciences by 39.9% during the second quarter. Bank of America Corp DE now owns 33,731 shares of the biopharmaceutical company’s stock valued at $76,000 after buying an additional 9,617 shares during the period. Institutional investors own 33.52% of the company’s stock.

Achieve Life Sciences Company Profile

Achieve Life Sciences, Inc, a clinical-stage pharmaceutical company, develops and commercializes cytisinicline for smoking cessation and nicotine addiction. The company offers cytisinicline, a plant-based alkaloid that interacts with nicotine receptors in the brain that reduce the severity of nicotine withdrawal symptoms.