Spruce Street Capital LP Purchases Shares of 736,637 Achieve Life Sciences, Inc. $ACHV

Key Points

• Spruce Street Capital acquired 736,637 shares of Achieve Life Sciences, valued at approximately $4.81 million, giving it a 0.72% stake. Institutional investors and hedge funds collectively own 33.52% of the company.
• Achieve Life Sciences reported quarterly EPS of -$0.80, missing the consensus estimate of -$0.16. Analysts expect a full-year loss of approximately $0.91 per share.
• Despite the earnings miss, the stock has a consensus “Buy” rating and a $15 price target, compared with a recent price of $7.94; one director recently sold 20,626 shares at an average price of $8.49.

Spruce Street Capital LP purchased a new stake in Achieve Life Sciences, Inc. (NASDAQ:ACHV - Free Report) during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 736,637 shares of the biopharmaceutical company's stock, valued at approximately $4,810,240,000. Achieve Life Sciences makes up approximately 0.9% of Spruce Street Capital LP's investment portfolio, making the stock its 25th largest holding. Spruce Street Capital LP owned approximately 0.72% of Achieve Life Sciences at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. acquired a new stake in Achieve Life Sciences in the 2nd quarter valued at approximately $34,426,000. Franklin Resources Inc. lifted its stake in Achieve Life Sciences by 18,747.4% in the 4th quarter. Franklin Resources Inc. now owns 4,369,193 shares of the biopharmaceutical company's stock valued at $21,715,000 after acquiring an additional 4,346,011 shares in the last quarter. Hudson Bay Capital Management LP acquired a new position in Achieve Life Sciences during the 2nd quarter worth approximately $2,652,000. Millennium Management LLC boosted its position in Achieve Life Sciences by 472.3% during the 4th quarter. Millennium Management LLC now owns 1,359,116 shares of the biopharmaceutical company's stock worth $6,755,000 after acquiring an additional 1,121,614 shares during the last quarter. Finally, Pathstone Holdings LLC bought a new position in shares of Achieve Life Sciences during the 3rd quarter worth approximately $1,581,000. 33.52% of the stock is owned by institutional investors and hedge funds.

Achieve Life Sciences Stock Down 0.6%

ACHV stock opened at $7.94 on Tuesday. The company has a market cap of $817.03 million, a price-to-earnings ratio of -5.12 and a beta of 2.24. Achieve Life Sciences, Inc. has a twelve month low of $2.62 and a twelve month high of $8.61. The business has a 50 day moving average price of $6.40 and a two-hundred day moving average price of $5.08. 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 announced its quarterly earnings data 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). Analysts anticipate that Achieve Life Sciences, Inc. will post -0.91 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ACHV. UBS Group reiterated 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 began coverage on shares of Achieve Life Sciences in a research report on Thursday, August 13th. They issued an "overweight" rating and a $13.00 target price for the company. HC Wainwright reiterated a "buy" rating and issued a $12.00 price target on shares of Achieve Life Sciences in a research note 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 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 company. According to data from MarketBeat.com, Achieve Life Sciences has a consensus rating of "Buy" and a consensus price target of $15.00.

Insider Buying and Selling

In related news, Director Richard Alistair Stewart sold 20,626 shares of Achieve Life Sciences stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $8.49, for a total transaction of $175,114.74. Following the completion of the transaction, 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 document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.80% of the company's stock.

About Achieve Life Sciences

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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