Achieve Life Sciences (NASDAQ:ACHV) Share Price Crosses Above Two Hundred Day Moving Average - What's Next?

Key Points

• ACHV shares crossed above their 200-day moving average, trading as high as $7.84 and last changing hands at $7.75, compared with a 200-day average of $5.71.
• Analyst sentiment remains broadly positive: the stock has an average “Buy” rating and a consensus price target of $15.00, although one research firm issued a “Strong Sell” rating.
• Achieve reported quarterly earnings of -$0.80 per share, missing the consensus estimate of -$0.16; meanwhile, institutional investors own 33.52% of the company and a director recently sold shares worth about $175,000.

Achieve Life Sciences, Inc. (NASDAQ:ACHV - Get Free Report)'s share price crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $5.71 and traded as high as $7.84. Achieve Life Sciences shares last traded at $7.75, with a volume of 1,301,094 shares trading hands.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on ACHV shares. 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 price target on the stock. Raymond James Financial reaffirmed a "strong-buy" rating and set a $18.00 price objective on shares of Achieve Life Sciences in a research note on Wednesday, August 12th. Wall Street Zen downgraded Achieve Life Sciences from a "hold" rating to a "strong sell" rating in a report on Saturday, August 15th. HC Wainwright reissued a "buy" rating and issued a $12.00 target price on shares of Achieve Life Sciences in a research note on Wednesday, August 12th. Finally, UBS Group restated a "buy" rating on shares of Achieve Life Sciences in a report on Wednesday, August 12th. Two analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Achieve Life Sciences presently has an average rating of "Buy" and a consensus price target of $15.00.

Achieve Life Sciences Trading Up 2.8%

The company's fifty day simple moving average is $7.38 and its two-hundred day simple moving average is $5.71. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $797.48 million, a price-to-earnings ratio of -5.00 and a beta of 2.25.

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

Insiders Place Their Bets

In other Achieve Life Sciences news, Director Richard 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 transaction, the director directly owned 208,249 shares in the company, valued at approximately $1,768,034.01. The trade was a 9.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 1.80% of the company's stock.

Institutional Investors Weigh In On Achieve Life Sciences

Hedge funds have recently modified their holdings of the business. Frazier Life Sciences Management L.P. bought a new position in shares of Achieve Life Sciences during the 2nd quarter valued at about $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. bought a new stake in Achieve Life Sciences during the 2nd quarter worth approximately $34,426,000. Jupiter Topco LLC acquired a new stake in Achieve Life Sciences during the 2nd quarter worth approximately $17,964,000. Finally, Alyeska Investment Group L.P. acquired a new stake in Achieve Life Sciences during the 2nd quarter worth approximately $12,575,000. Institutional investors and hedge funds own 33.52% of the company's stock.

About Achieve Life Sciences

Achieve Life Sciences, Inc is a clinical-stage pharmaceutical company focused on developing and commercializing cytisinicline, an investigational therapy designed to help adults stop smoking and address nicotine dependence. The company is listed on the Nasdaq Capital Market under the symbol ACHV.

Cytisinicline is a plant-derived small molecule that acts on neuronal nicotinic acetylcholine receptors involved in nicotine addiction. Achieve is evaluating the therapy in clinical studies for smoking cessation and potential support for quitting other forms of nicotine use.

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