BlackRock Inc. Invests $34.43 Million in Achieve Life Sciences, Inc. $ACHV

Key Points

• BlackRock acquired 5.27 million shares of Achieve Life Sciences during the second quarter, worth approximately $34.4 million and representing about 5.14% of the company. Institutional investors and hedge funds collectively own 33.52% of ACHV.
• Analysts remain broadly optimistic, with an average “Buy” rating and a $15 target price; individual targets range from $12 to $18. However, Weiss Ratings issued a “sell” rating.
• ACHV shares traded up 3.9% to $8.25, near their 52-week high, while the company reported a quarterly EPS loss of $0.80—substantially worse than the $0.16 consensus estimate.

BlackRock Inc. acquired a new position in Achieve Life Sciences, Inc. (NASDAQ:ACHV - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The fund acquired 5,272,017 shares of the biopharmaceutical company's stock, valued at approximately $34,426,000. BlackRock Inc. owned approximately 5.14% of Achieve Life Sciences as of its most recent SEC filing.

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

Analysts Set New Price Targets

A number of equities research analysts have commented on ACHV shares. UBS Group reiterated a "buy" rating on shares of Achieve Life Sciences in a report on Wednesday, August 12th. HC Wainwright reaffirmed a "buy" rating and issued a $12.00 target price on shares of Achieve Life Sciences in a research 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 target price for the company. Raymond James Financial reiterated a "strong-buy" rating and set a $18.00 target price 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's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $15.00.

Achieve Life Sciences Trading Up 3.9%

Achieve Life Sciences stock opened at $8.25 on Wednesday. Achieve Life Sciences, Inc. has a 52-week low of $2.62 and a 52-week high of $8.61. The firm has a 50-day moving average price of $6.76 and a two-hundred day moving average price of $5.25. The firm has a market capitalization of $848.92 million, a price-to-earnings ratio of -5.32 and a beta of 2.25. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.87.

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

Insider Buying and Selling

In other news, Director Richard Alistair Stewart sold 20,626 shares of the company's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $8.49, for a total transaction of $175,114.74. Following the transaction, the director directly owned 208,249 shares in the company, valued at approximately $1,768,034.01. This represents a 9.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.80% of the stock is currently owned by corporate insiders.

Achieve Life Sciences Company 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.

Want to see what other hedge funds are holding ACHV? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Achieve Life Sciences, Inc. (NASDAQ:ACHV - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

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

Add As Preferred Source