Achieve Life Sciences (NASDAQ:ACHV) Stock Price Crosses Above 200-Day Moving Average - Here's Why

Key Points

• Achieve Life Sciences' stock price recently surpassed its 200-day moving average, trading as high as $3.10 before closing at $2.92 with a volume of over 1.5 million shares.
• HC Wainwright initiated coverage with a buy rating and a price target of $12.00, contributing to a consensus rating of "Strong Buy" among analysts who project a target price of $14.67.
• The company specializes in developing cytisinicline for smoking cessation, and recently reported earnings per share aligning with estimates at ($0.37) for the last quarter.

Achieve Life Sciences, Inc. (NASDAQ:ACHV - Get Free Report)'s share price passed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $2.80 and traded as high as $3.10. Achieve Life Sciences shares last traded at $2.92, with a volume of 1,535,786 shares traded.

Wall Street Analyst Weigh In

Separately, HC Wainwright began coverage on shares of Achieve Life Sciences in a research report on Thursday. They issued a "buy" rating and a $12.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating and two have given a Buy rating to the company's stock. Based on data from MarketBeat, Achieve Life Sciences presently has a consensus rating of "Strong Buy" and a consensus target price of $14.67.

Achieve Life Sciences Stock Performance

The business's 50-day simple moving average is $2.69 and its two-hundred day simple moving average is $2.80. The firm has a market cap of $149.21 million, a price-to-earnings ratio of -2.00 and a beta of 1.30. The company has a quick ratio of 6.64, a current ratio of 6.64 and a debt-to-equity ratio of 0.21.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Tower Research Capital LLC TRC raised its position in shares of Achieve Life Sciences by 185.8% during the 4th quarter. Tower Research Capital LLC TRC now owns 7,545 shares of the biopharmaceutical company's stock worth $27,000 after purchasing an additional 4,905 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Achieve Life Sciences during the 4th quarter worth about $554,000. Northern Trust Corp raised its position in shares of Achieve Life Sciences by 11.7% during the 4th quarter. Northern Trust Corp now owns 416,796 shares of the biopharmaceutical company's stock worth $1,467,000 after purchasing an additional 43,682 shares during the last quarter. Bank of America Corp DE raised its position in shares of Achieve Life Sciences by 37.0% during the 4th quarter. Bank of America Corp DE now owns 36,168 shares of the biopharmaceutical company's stock worth $127,000 after purchasing an additional 9,760 shares during the last quarter. Finally, Squarepoint Ops LLC acquired a new position in shares of Achieve Life Sciences during the 4th quarter worth about $62,000. Institutional investors and hedge funds own 33.52% of the company's stock.

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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