Simplify Asset Management Inc. Sells 500,000 Shares of Achieve Life Sciences, Inc. $ACHV

Key Points

• Simplify Asset Management reduced its Achieve Life Sciences stake by 34.9%, selling 500,000 shares and retaining 932,105 shares valued at approximately $7.54 million. Institutional investors own 33.52% of ACHV.
• Analyst sentiment remains generally positive, with a consensus “Buy” rating and an average price target of $15.50, despite ratings ranging from “Strong Buy” to “Strong Sell.”
• ACHV shares opened at $6.85, while the company reported a quarterly loss of $0.80 per share—$0.64 worse than analyst expectations. Achieve is developing cytisinicline, a treatment intended to help people quit smoking and overcome nicotine addiction.

Simplify Asset Management Inc. trimmed its position in Achieve Life Sciences, Inc. (NASDAQ:ACHV - Free Report) by 34.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 932,105 shares of the biopharmaceutical company's stock after selling 500,000 shares during the quarter. Simplify Asset Management Inc.'s holdings in Achieve Life Sciences were worth $7,541,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Frazier Life Sciences Management L.P. purchased a new position in Achieve Life Sciences during the second quarter valued at approximately $49,725,000. venBio Partners LLC bought a new stake in Achieve Life Sciences during the 2nd quarter worth approximately $38,623,122. BlackRock Inc. purchased a new stake in Achieve Life Sciences in the 2nd quarter worth approximately $34,426,000. Jupiter Topco LLC purchased a new stake in Achieve Life Sciences in the 2nd quarter worth approximately $17,964,000. Finally, Alyeska Investment Group L.P. purchased a new stake in Achieve Life Sciences in the 2nd quarter worth approximately $12,575,000. 33.52% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ACHV has been the subject of a number of recent analyst reports. Raymond James Financial restated a "strong-buy" rating and set a $18.00 price target on shares of Achieve Life Sciences in a research report on Wednesday, August 12th. HC Wainwright reaffirmed a "buy" rating on shares of Achieve Life Sciences in a report on Friday, October 23rd. Weiss Ratings reiterated a "sell (d-)" rating on shares of Achieve Life Sciences in a research report on Wednesday, August 19th. Wall Street Zen downgraded Achieve Life Sciences from a "hold" rating to a "strong sell" rating in a research report on Saturday, August 15th. Finally, UBS Group reissued a "buy" rating on shares of Achieve Life Sciences in a research note on Wednesday, August 12th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Achieve Life Sciences presently has a consensus rating of "Buy" and an average price target of $15.50.

Insider Transactions at Achieve Life Sciences

In other Achieve Life Sciences news, Director Richard Stewart sold 20,626 shares of the business'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 value of $175,114.74. Following the completion of the transaction, the director owned 208,249 shares of the company's stock, valued at $1,768,034.01. The trade was a 9.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.80% of the stock is currently owned by insiders.

Achieve Life Sciences Stock Down 1.2%

Shares of NASDAQ ACHV opened at $6.85 on Thursday. Achieve Life Sciences, Inc. has a 12 month low of $2.62 and a 12 month high of $8.64. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $704.88 million, a price-to-earnings ratio of -4.42 and a beta of 2.30. The business has a 50-day moving average of $7.50 and a 200-day moving average of $5.64.

Achieve Life Sciences (NASDAQ:ACHV - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The biopharmaceutical company reported ($0.80) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.64). Sell-side analysts expect that Achieve Life Sciences, Inc. will post -0.92 earnings per share for the current fiscal year.

Achieve Life Sciences Profile

Achieve Life Sciences, Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing cytisinicline, a therapy designed to help adults quit smoking and overcome nicotine addiction. Cytisinicline is an oral, plant-based small molecule that partially activates nicotinic acetylcholine receptors, with the goal of reducing nicotine cravings and withdrawal symptoms.

The company has evaluated cytisinicline in clinical studies involving adults who smoke cigarettes, including trials assessing smoking cessation and cessation of electronic cigarette use.

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