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

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) was the target of a significant growth in short interest during the month of August. As of August 31st, there was short interest totaling 5,180,000 shares, a growth of 30.2% from the August 15th total of 3,980,000 shares. Currently, 10.4% of the company's stock are short sold. Based on an average daily trading volume, of 1,270,000 shares, the days-to-cover ratio is presently 4.1 days. Based on an average daily trading volume, of 1,270,000 shares, the days-to-cover ratio is presently 4.1 days. Currently, 10.4% of the company's stock are short sold.

Analyst Ratings Changes

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

Insider Buying and Selling

In other Achieve Life Sciences 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 transaction of $38,973.90. Following the completion of the transaction, the insider owned 32,694 shares in the company, valued at approximately $90,562.38. The trade was a 30.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jaime Xinos sold 20,854 shares of the business's stock in a transaction on 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 transaction, the insider owned 74,432 shares of the company's stock, valued at $206,176.64. This represents a 21.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 202,411 shares of company stock worth $560,678 over the last three months. 3.00% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Achieve Life Sciences

Hedge funds have recently made changes to their positions in the business. Northern Trust Corp boosted its stake in Achieve Life Sciences by 11.7% during the fourth quarter. Northern Trust Corp now owns 416,796 shares of the biopharmaceutical company's stock valued at $1,467,000 after buying an additional 43,682 shares during the last quarter. Bank of America Corp DE boosted its stake in Achieve Life Sciences by 37.0% during the fourth quarter. Bank of America Corp DE now owns 36,168 shares of the biopharmaceutical company's stock valued at $127,000 after buying an additional 9,760 shares during the last quarter. Squarepoint Ops LLC bought a new position in Achieve Life Sciences during the fourth quarter valued at approximately $62,000. XTX Topco Ltd bought a new position in Achieve Life Sciences during the first quarter valued at approximately $99,000. Finally, Invesco Ltd. boosted its stake in Achieve Life Sciences by 338.7% during the first quarter. Invesco Ltd. now owns 73,644 shares of the biopharmaceutical company's stock valued at $197,000 after buying an additional 56,856 shares during the last quarter. Institutional investors own 33.52% of the company's stock.

Achieve Life Sciences Stock Performance

NASDAQ ACHV opened at $3.08 on Wednesday. The firm has a market cap of $157.39 million, a price-to-earnings ratio of -2.11 and a beta of 1.53. The company has a quick ratio of 6.64, a current ratio of 6.64 and a debt-to-equity ratio of 0.21. The business has a 50-day moving average price of $2.76 and a 200-day moving average price of $2.78. Achieve Life Sciences has a twelve month low of $1.84 and a twelve month high of $5.31.

Achieve Life Sciences (NASDAQ:ACHV - Get Free Report) last released its quarterly earnings data 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, equities research analysts predict that Achieve Life Sciences will post -1.17 EPS for the current fiscal year.

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.

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