Achieve Life Sciences (NASDAQ:ACHV) Sets New 1-Year High - Here's What Happened

Key Points

• Achieve Life Sciences shares reached a new 52-week high of $8.64, with the stock last trading near $8.43 and up significantly from its 50-day and 200-day moving averages.
• Analyst sentiment remains broadly positive: the stock has a consensus “Buy” rating and a $15 target price, although one firm downgraded it to “Strong Sell.”
• The company reported a quarterly loss of $0.80 per share, substantially missing the $0.16 loss analysts expected. Institutional ownership also increased, while a director sold 20,626 shares at an average price of $8.49.

Achieve Life Sciences, Inc. (NASDAQ:ACHV - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $8.64 and last traded at $8.4320, with a volume of 7221 shares traded. The stock had previously closed at $8.48.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ACHV. Morgan Stanley began coverage on 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. UBS Group reiterated a "buy" rating on shares of Achieve Life Sciences in a research note on Wednesday, August 12th. Wall Street Zen cut shares of Achieve Life Sciences from a "hold" rating to a "strong sell" rating in a report on Saturday, August 15th. HC Wainwright restated a "buy" rating and set a $12.00 price objective on shares of Achieve Life Sciences in a research report on Wednesday, August 12th. Finally, Raymond James Financial restated a "strong-buy" rating and issued a $18.00 target price on shares of Achieve Life Sciences in a report 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 issued a Sell rating to the company. Based on data from MarketBeat.com, Achieve Life Sciences has a consensus rating of "Buy" and a consensus target price of $15.00.

Achieve Life Sciences Stock Performance

The stock's 50 day moving average price is $6.83 and its two-hundred day moving average price is $5.28. 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 $873.12 million, a price-to-earnings ratio of -5.46 and a beta of 2.25.

Achieve Life Sciences (NASDAQ:ACHV - Get Free Report) last released its quarterly earnings data 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, analysts forecast that Achieve Life Sciences, Inc. will post -0.91 EPS for the current year.

Insiders Place Their Bets

In related news, Director Richard Alistair Stewart sold 20,626 shares of Achieve Life Sciences 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 completion of the transaction, the director directly owned 208,249 shares of the company's stock, valued at approximately $1,768,034.01. The trade was a 9.01% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Achieve Life Sciences

Institutional investors and hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System purchased a new stake in shares of Achieve Life Sciences in the second quarter valued at $46,000. Frazier Life Sciences Management L.P. purchased a new stake in Achieve Life Sciences during the 2nd quarter worth about $49,725,000. AXQ Capital LP increased its position in Achieve Life Sciences by 65.6% during the 2nd quarter. AXQ Capital LP now owns 25,173 shares of the biopharmaceutical company's stock worth $164,000 after purchasing an additional 9,972 shares in the last quarter. Alyeska Investment Group L.P. acquired a new position in Achieve Life Sciences in the 2nd quarter valued at about $12,575,000. Finally, Wellington Management Group LLP acquired a new position in Achieve Life Sciences in the 2nd quarter valued at about $9,318,000. 33.52% of the stock is currently owned by hedge funds and other institutional investors.

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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