Achieve Life Sciences (NASDAQ:ACHV) Posts Earnings Results, Misses Expectations By $0.12 EPS

Key Points

• Achieve Life Sciences reported quarterly EPS of $(0.28), missing the consensus estimate of $(0.16) by $0.12.
• ACHV shares rose 0.7% to open at $6.71, while institutional investors and hedge funds collectively owned 33.52% of the company.
• Analyst sentiment remains positive, with a consensus “Buy” rating and a $16.00 price target; Raymond James set the highest target at $20.00.

Achieve Life Sciences (NASDAQ:ACHV - Get Free Report) posted its quarterly earnings results on Tuesday. The biopharmaceutical company reported ($0.28) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.12), Zacks reports.

Achieve Life Sciences Stock Up 0.7%

Shares of ACHV stock opened at $6.71 on Tuesday. The stock's 50 day simple moving average is $5.96 and its 200 day simple moving average is $4.88. Achieve Life Sciences has a twelve month low of $2.37 and a twelve month high of $7.11. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.62 and a current ratio of 2.62. The company has a market capitalization of $689.36 million, a price-to-earnings ratio of -5.99 and a beta of 2.24.

Hedge Funds Weigh In On Achieve Life Sciences

Several 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 shares of Achieve Life Sciences during the 1st quarter worth $32,000. Sender Co & Partners Inc. bought a new position in Achieve Life Sciences in the 2nd quarter worth $56,000. Magnolia Capital Advisors LLC acquired a new position in Achieve Life Sciences during the 4th quarter worth $64,000. Bank of America Corp DE boosted its holdings in 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 acquiring an additional 9,617 shares during the period. Finally, HRT Financial LP acquired a new stake in shares of Achieve Life Sciences in the fourth quarter valued at about $93,000. Institutional investors and hedge funds own 33.52% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on ACHV. Weiss Ratings upgraded shares of Achieve Life Sciences from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, May 22nd. Raymond James Financial initiated coverage on shares of Achieve Life Sciences in a report on Friday, June 26th. They set a "strong-buy" rating and a $20.00 price target on the stock. Wall Street Zen upgraded Achieve Life Sciences from a "sell" rating to a "hold" rating in a report on Sunday, May 17th. Canaccord Genuity Group set a $13.00 price objective on Achieve Life Sciences and gave the company a "buy" rating in a research report on Monday, April 20th. Finally, UBS Group restated a "buy" rating on shares of Achieve Life Sciences in a research note on Tuesday, June 23rd. Two investment analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Achieve Life Sciences has a consensus rating of "Buy" and a consensus price target of $16.00.

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.

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