Spruce Street Capital LP Purchases Shares of 736,637 Achieve Life Sciences, Inc. $ACHV

Spruce Street Capital LP acquired a new position in shares of Achieve Life Sciences, Inc. (NASDAQ:ACHV) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 736,637 shares of the biopharmaceutical company’s stock, valued at approximately $4,810,240. Achieve Life Sciences comprises approximately 0.0% of Spruce Street Capital LP’s holdings, making the stock its 25th largest holding. Spruce Street Capital LP owned 0.72% of Achieve Life Sciences at the end of the most recent quarter.

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

Insider Transactions at Achieve Life Sciences

In other news, Director Richard Alistair Stewart sold 20,626 shares of Achieve Life Sciences stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $8.49, for a total transaction of $175,114.74. Following the completion of the transaction, the director directly owned 208,249 shares of the company’s stock, valued at $1,768,034.01. The trade was a 9.01% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

ACHV has been the topic of a number of research analyst reports. HC Wainwright restated a “buy” rating and issued a $12.00 target price on shares of Achieve Life Sciences in a research note on Wednesday, August 12th. UBS Group restated a “buy” rating on shares of Achieve Life Sciences in a report on Wednesday, August 12th. Morgan Stanley assumed coverage on shares of Achieve Life Sciences in a research note on Thursday, August 13th. They set an “overweight” rating and a $13.00 target price on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Achieve Life Sciences in a report on Wednesday, August 19th. Finally, Wall Street Zen cut Achieve Life Sciences from a “hold” rating to a “strong sell” rating in a report on Saturday, August 15th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Achieve Life Sciences has an average rating of “Buy” and an average target price of $15.00.

Achieve Life Sciences Price Performance

NASDAQ ACHV traded down $0.14 during midday trading on Friday, hitting $8.04. The company had a trading volume of 710,397 shares, compared to its average volume of 1,317,894. The company has a market capitalization of $827.32 million, a PE ratio of -5.19 and a beta of 2.24. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.87. Achieve Life Sciences, Inc. has a twelve month low of $2.62 and a twelve month high of $8.61. The firm has a 50-day moving average price of $6.58 and a 200-day moving average price of $5.17.

Achieve Life Sciences (NASDAQ:ACHV) last announced its quarterly earnings data on Tuesday, August 11th. The biopharmaceutical company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.64). As a group, analysts anticipate that Achieve Life Sciences, Inc. will post -0.91 earnings per share for the current fiscal year.

Achieve Life Sciences Company Profile

Achieve Life Sciences, Inc (NASDAQ: ACHV) is a clinical-stage biotechnology company dedicated to the development and commercialization of cytisinicline, a plant-derived alkaloid for smoking cessation. The company’s mission is to offer a novel, evidence-based therapy that addresses the global need for effective and well-tolerated smoking cessation options. Achieve focuses its efforts on advancing the clinical profile of cytisinicline through rigorous development programs and regulatory engagement.

Cytisinicline (formerly marketed as Tabex® in Europe) acts as a nicotinic acetylcholine receptor partial agonist, helping reduce withdrawal symptoms and nicotine cravings.