Alyeska Investment Group L.P. Acquires Shares of 1,925,722 Achieve Life Sciences, Inc. $ACHV

Key Points

• Alyeska Investment Group acquired 1.93 million shares of Achieve Life Sciences in the second quarter, worth approximately $12.6 million and representing a 1.87% stake. Institutional investors collectively own 33.52% of the company.
• Achieve reported a quarterly loss of $0.80 per share, missing the analyst consensus estimate of a $0.16 loss. Shares opened at $7.94, compared with a 52-week range of $2.62 to $8.61.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $15.00, although some services issued sell-oriented ratings. Morgan Stanley set a $13 target, while Raymond James assigned an $18 target.

Alyeska Investment Group L.P. bought a new position in Achieve Life Sciences, Inc. (NASDAQ:ACHV - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,925,722 shares of the biopharmaceutical company's stock, valued at approximately $12,575,000. Alyeska Investment Group L.P. owned about 1.87% of Achieve Life Sciences at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. AQR Capital Management LLC acquired a new stake in shares of Achieve Life Sciences in the first quarter valued at approximately $32,000. Qube Research & Technologies Ltd acquired a new position in Achieve Life Sciences during the 2nd quarter worth $232,000. Raymond James Financial Inc. boosted its position in Achieve Life Sciences by 57.1% in the 2nd quarter. Raymond James Financial Inc. now owns 295,058 shares of the biopharmaceutical company's stock valued at $667,000 after buying an additional 107,218 shares during the last quarter. Jane Street Group LLC bought a new position in Achieve Life Sciences in the 2nd quarter valued at $159,000. Finally, Bank of America Corp DE boosted its position in Achieve Life Sciences by 39.9% in the 2nd quarter. Bank of America Corp DE now owns 33,731 shares of the biopharmaceutical company's stock valued at $76,000 after buying an additional 9,617 shares during the last quarter. 33.52% of the stock is owned by institutional investors.

Insider Activity at Achieve Life Sciences

In related news, Director Richard Alistair Stewart sold 20,626 shares of the firm's stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $8.49, for a total transaction of $175,114.74. Following the sale, the director owned 208,249 shares of the company's stock, valued at approximately $1,768,034.01. This trade represents a 9.01% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.80% of the stock is currently owned by corporate insiders.

Achieve Life Sciences Price Performance

Shares of ACHV opened at $7.94 on Tuesday. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.87. Achieve Life Sciences, Inc. has a 1 year low of $2.62 and a 1 year high of $8.61. The stock has a market cap of $817.03 million, a P/E ratio of -5.12 and a beta of 2.24. The stock's 50-day moving average price is $6.70 and its two-hundred day moving average price is $5.22.

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

Analyst Ratings Changes

A number of research analysts have issued reports on ACHV shares. Morgan Stanley initiated coverage on shares of Achieve Life Sciences in a research report on Thursday, August 13th. They set an "overweight" rating and a $13.00 target price on the stock. Wall Street Zen cut shares of Achieve Life Sciences from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 15th. Weiss Ratings reissued a "sell (d-)" rating on shares of Achieve Life Sciences in a research note on Wednesday, August 19th. UBS Group restated a "buy" rating on shares of Achieve Life Sciences in a report on Wednesday, August 12th. Finally, Raymond James Financial reaffirmed a "strong-buy" rating and issued a $18.00 price objective on shares of Achieve Life Sciences in a research note on Wednesday, August 12th. Two equities research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has a consensus 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.

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