Achieve Life Sciences (NASDAQ:ACHV) Trading 5.2% Higher – Here’s Why

Achieve Life Sciences, Inc. (NASDAQ:ACHV) shares were up 5.2% during trading on Tuesday . The stock traded as high as $8.38 and last traded at $8.3550. Approximately 693,049 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 1,314,140 shares. The stock had previously closed at $7.94.

Analysts Set New Price Targets

ACHV has been the topic of a number of research analyst reports. HC Wainwright reiterated a “buy” rating and set a $12.00 target price on shares of Achieve Life Sciences in a report on Wednesday, August 12th. UBS Group restated a “buy” rating on shares of Achieve Life Sciences in a research note on Wednesday, August 12th. Morgan Stanley initiated coverage on Achieve Life Sciences in a research report on Thursday, August 13th. They set an “overweight” rating and a $13.00 price target on the stock. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $18.00 price target on shares of Achieve Life Sciences in a research note on Wednesday, August 12th. Finally, Wall Street Zen downgraded 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 given a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $15.00.

Achieve Life Sciences Price Performance

The firm’s fifty day simple moving average is $6.83 and its 200-day simple moving average is $5.28. The firm has a market capitalization of $873.12 million, a PE ratio of -5.47 and a beta of 2.25. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.87.

Achieve Life Sciences (NASDAQ:ACHV) last posted its quarterly earnings results on Tuesday, August 11th. The biopharmaceutical company reported ($0.80) EPS for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.64). On average, research analysts forecast that Achieve Life Sciences, Inc. will post -0.91 earnings per share for the current fiscal year.

Insider Transactions at Achieve Life Sciences

In other Achieve Life Sciences news, Director Richard Alistair Stewart sold 20,626 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $8.49, for a total transaction of $175,114.74. Following the sale, the director directly owned 208,249 shares in the company, valued at approximately $1,768,034.01. This trade represents a 9.01% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. AQR Capital Management LLC purchased a new stake in shares of Achieve Life Sciences during the first quarter valued at $32,000. California State Teachers Retirement System purchased a new position in Achieve Life Sciences in the 2nd quarter worth about $46,000. Legal & General Group Plc purchased a new position in Achieve Life Sciences in the 2nd quarter worth about $49,000. Sender Co & Partners Inc. bought a new position in Achieve Life Sciences during the 2nd quarter valued at about $56,000. Finally, Magnolia Capital Advisors LLC bought a new position in Achieve Life Sciences during the 4th quarter valued at about $64,000. Hedge funds and other institutional investors own 33.52% of the company’s stock.

About Achieve Life Sciences

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.