HC Wainwright Begins Coverage on Achieve Life Sciences (NASDAQ:ACHV)

Key Points

• HC Wainwright initiated coverage on Achieve Life Sciences (NASDAQ:ACHV) with a "buy" rating and set a price target of $12.00, indicating a potential upside of 365.12% from its recent closing price.
• Achieve Life Sciences reported a quarterly EPS of ($0.37), matching analysts' expectations, and is forecasting an EPS of ($1.17) for the current fiscal year.
• Institutional ownership of Achieve Life Sciences stands at 33.52%, with notable recent activity from multiple hedge funds increasing their stakes in the company.

HC Wainwright started coverage on shares of Achieve Life Sciences (NASDAQ:ACHV - Free Report) in a research report report published on Thursday, MarketBeat.com reports. The firm issued a buy rating and a $12.00 price objective on the biopharmaceutical company's stock.

Achieve Life Sciences Price Performance

Shares of Achieve Life Sciences stock traded down $0.08 during mid-day trading on Thursday, reaching $3.24. 1,212,776 shares of the stock were exchanged, compared to its average volume of 572,531. The company has a market cap of $165.31 million, a price-to-earnings ratio of -2.22 and a beta of 1.30. The company has a current ratio of 6.64, a quick ratio of 6.64 and a debt-to-equity ratio of 0.21. The firm has a 50-day simple moving average of $2.69 and a 200 day simple moving average of $2.80. Achieve Life Sciences has a fifty-two week low of $1.84 and a fifty-two week high of $5.31.

Achieve Life Sciences (NASDAQ:ACHV - Get Free Report) last announced its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($0.37) earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of ($0.37). On average, sell-side analysts predict that Achieve Life Sciences will post -1.17 EPS for the current fiscal year.

Institutional Investors Weigh In On Achieve Life Sciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tower Research Capital LLC TRC increased its position in Achieve Life Sciences by 185.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,545 shares of the biopharmaceutical company's stock valued at $27,000 after acquiring an additional 4,905 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Achieve Life Sciences by 7.2% in the 4th quarter. Wells Fargo & Company MN now owns 74,933 shares of the biopharmaceutical company's stock valued at $264,000 after purchasing an additional 5,059 shares during the last quarter. Barclays PLC boosted its stake in shares of Achieve Life Sciences by 12.2% in the 4th quarter. Barclays PLC now owns 53,473 shares of the biopharmaceutical company's stock valued at $189,000 after purchasing an additional 5,818 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Achieve Life Sciences by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 755,845 shares of the biopharmaceutical company's stock valued at $2,661,000 after purchasing an additional 6,736 shares during the last quarter. Finally, Bank of America Corp DE boosted its stake in shares of 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 purchasing an additional 9,617 shares during the last quarter. Institutional investors and hedge funds own 33.52% of the company's stock.

Achieve Life Sciences Company Profile

Achieve Life Sciences, Inc, a clinical-stage pharmaceutical company, develops and commercializes cytisinicline for smoking cessation and nicotine addiction. The company offers cytisinicline, a plant-based alkaloid that interacts with nicotine receptors in the brain that reduce the severity of nicotine withdrawal symptoms.