venBio Partners LLC Takes Position in Achieve Life Sciences, Inc. $ACHV

Key Points

• venBio Partners acquired 5.91 million Achieve Life Sciences shares worth about $38.6 million, representing approximately 5.75% of the company and making it the fund’s fourth-largest holding. Institutional investors collectively own 33.52% of ACHV.
• Achieve Life Sciences reported a quarterly loss of $0.80 per share, significantly missing the $0.16 analyst consensus estimate. The company’s stock recently traded at $8.10, near its 12-month high of $8.61.
• Analyst sentiment remains broadly positive, with an average “Buy” rating and a $15 price target; targets range from $12 to $18. However, director Richard Alistair Stewart sold 20,626 shares, reducing his holdings by 9.01%.

venBio Partners LLC purchased a new stake in Achieve Life Sciences, Inc. (NASDAQ:ACHV - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 5,914,720 shares of the biopharmaceutical company's stock, valued at approximately $38,623,122. Achieve Life Sciences accounts for 0.0% of venBio Partners LLC's holdings, making the stock its 4th largest position. venBio Partners LLC owned approximately 5.75% of Achieve Life Sciences at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Legal & General Group Plc purchased a new stake in shares of Achieve Life Sciences during the 2nd quarter valued at $49,000. AQR Capital Management LLC purchased a new stake in shares of Achieve Life Sciences during the first quarter worth about $32,000. Magnolia Capital Advisors LLC acquired a new position in shares of Achieve Life Sciences during the fourth quarter worth about $64,000. Jefferies Financial Group Inc. acquired a new position in Achieve Life Sciences during the 4th quarter worth approximately $84,000. Finally, HRT Financial LP purchased a new stake in Achieve Life Sciences during the fourth quarter valued at about $93,000. Institutional investors own 33.52% of the company's stock.

Insider Activity at Achieve Life Sciences

In related news, Director Richard Alistair Stewart sold 20,626 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $8.49, for a total value of $175,114.74. Following the completion of the sale, the director owned 208,249 shares in the company, valued at approximately $1,768,034.01. This trade represents a 9.01% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.80% of the company's stock.

Achieve Life Sciences Stock Performance

ACHV stock traded down $0.08 during mid-day trading on Friday, hitting $8.10. The company had a trading volume of 988,890 shares, compared to its average volume of 1,319,777. Achieve Life Sciences, Inc. has a 12 month low of $2.62 and a 12 month high of $8.61. The firm has a market cap of $833.49 million, a PE ratio of -5.23 and a beta of 2.24. The stock's fifty day moving average price is $6.58 and its two-hundred day moving average price is $5.17. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.95 and a current ratio of 0.95.

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on ACHV shares. UBS Group reaffirmed a "buy" rating on shares of Achieve Life Sciences in a report on Wednesday, August 12th. Raymond James Financial restated a "strong-buy" rating and set a $18.00 target price on shares of Achieve Life Sciences in a report on Wednesday, August 12th. Morgan Stanley started coverage on Achieve Life Sciences in a research note on Thursday, August 13th. They issued an "overweight" rating and a $13.00 price target for the company. HC Wainwright reissued a "buy" rating and issued a $12.00 price target on shares of Achieve Life Sciences in a report on Wednesday, August 12th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Achieve Life Sciences in a research report on Wednesday, August 19th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Achieve Life Sciences presently has an average rating of "Buy" and an average price target of $15.00.

Achieve Life Sciences Profile

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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source