Short Interest in Achieve Life Sciences, Inc. (NASDAQ:ACHV) Increases By 30.2%

Key Points

• Achieve Life Sciences' short interest surged by 30.2% in August, with a total of 5,180,000 shares short sold as of August 31, representing 10.4% of the company's stock.
• HC Wainwright recently initiated coverage on the stock with a "buy" rating and a price target of $12.00, contributing to a consensus rating of "Strong Buy" with an average price target of $14.67.
• Insiders sold a total of 202,411 shares in the last three months, with significant sales recorded by insiders Jerry Wan and Jaime Xinos, leading to respective ownership decreases of 30.09% and 21.89%.

Achieve Life Sciences, Inc. (NASDAQ:ACHV - Get Free Report) saw a large increase in short interest during the month of August. As of August 31st, there was short interest totaling 5,180,000 shares, an increase of 30.2% from the August 15th total of 3,980,000 shares. Based on an average daily volume of 1,270,000 shares, the short-interest ratio is presently 4.1 days. Approximately 10.4% of the shares of the stock are sold short. Approximately 10.4% of the shares of the stock are sold short. Based on an average daily volume of 1,270,000 shares, the short-interest ratio is presently 4.1 days.

Insiders Place Their Bets

In other news, insider Jerry Wan sold 14,070 shares of Achieve Life Sciences stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $2.77, for a total value of $38,973.90. Following the transaction, the insider owned 32,694 shares in the company, valued at approximately $90,562.38. This trade represents a 30.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Thomas Braxton King sold 139,858 shares of Achieve Life Sciences stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $2.77, for a total value of $387,406.66. Following the completion of the transaction, the director owned 315,142 shares in the company, valued at approximately $872,943.34. The trade was a 30.74% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 202,411 shares of company stock worth $560,678. 3.00% of the stock is currently owned by company insiders.

Institutional Trading of Achieve Life Sciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACHV. AQR Capital Management LLC bought a new stake in Achieve Life Sciences during the 1st quarter worth approximately $32,000. Sender Co & Partners Inc. bought a new stake in Achieve Life Sciences during the 2nd quarter worth approximately $56,000. Squarepoint Ops LLC bought a new stake in Achieve Life Sciences during the 4th quarter worth approximately $62,000. Bank of America Corp DE increased its holdings in Achieve Life Sciences by 39.9% during the 2nd 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 in the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Achieve Life Sciences in the first quarter valued at approximately $99,000. 33.52% of the stock is owned by institutional investors.

Achieve Life Sciences Trading Down 1.2%

Shares of NASDAQ:ACHV traded down $0.04 during midday trading on Friday, reaching $2.84. The company's stock had a trading volume of 1,770,645 shares, compared to its average volume of 1,496,917. The firm has a 50 day moving average price of $2.79 and a two-hundred day moving average price of $2.78. Achieve Life Sciences has a fifty-two week low of $1.84 and a fifty-two week high of $5.31. 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 firm has a market capitalization of $144.87 million, a price-to-earnings ratio of -1.94 and a beta of 1.53.

Achieve Life Sciences (NASDAQ:ACHV - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The biopharmaceutical company reported ($0.37) earnings per share for the quarter, hitting analysts' consensus estimates of ($0.37). As a group, analysts forecast that Achieve Life Sciences will post -1.17 earnings per share for the current year.

Analyst Upgrades and Downgrades

Separately, HC Wainwright began coverage on Achieve Life Sciences in a research report on Thursday, August 21st. They issued a "buy" rating and a $12.00 price target on the stock. Two equities research analysts have rated the stock with a Strong Buy rating and two have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Strong Buy" and an average price target of $14.67.

About Achieve Life Sciences

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.