Achieve Life Sciences (NASDAQ:ACHV) Shares Gap Up - Still a Buy?

Key Points

• ACHV shares opened 5.1% higher at $8.08 and were recently trading near $8.03, above the 50-day moving average of $7.40.
• Analyst sentiment remains broadly positive, with a consensus “Buy” rating and an average price target of $15.50, although Weiss Ratings maintained a “sell” assessment.
• Achieve reported a quarterly loss of $0.80 per share, missing the $0.16 consensus estimate, while major institutional investors accumulated new positions and an insider sold 20,626 shares.

Achieve Life Sciences, Inc. (NASDAQ:ACHV - Get Free Report)'s share price gapped up before the market opened on Wednesday. The stock had previously closed at $7.69, but opened at $8.08. Achieve Life Sciences shares last traded at $8.0310, with a volume of 186,199 shares changing hands.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ACHV shares. UBS Group restated a "buy" rating on shares of Achieve Life Sciences in a research note on Wednesday, August 12th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Achieve Life Sciences in a research note on Wednesday, August 19th. HC Wainwright reissued a "buy" rating and issued a $12.00 price objective on shares of Achieve Life Sciences in a report on Wednesday, August 12th. Stifel Nicolaus set a $18.00 target price on shares of Achieve Life Sciences and gave the stock a "buy" rating in a research report on Tuesday. Finally, Morgan Stanley began coverage on shares of Achieve Life Sciences in a report on Thursday, August 13th. They set an "overweight" rating and a $13.00 target price on the stock. Two analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and an average target price of $15.50.

Achieve Life Sciences Trading Up 4.2%

The business has a 50-day moving average price of $7.40 and a two-hundred day moving average price of $5.73. The stock has a market capitalization of $824.74 million, a P/E ratio of -5.16 and a beta of 2.25. The company has a current ratio of 0.95, a quick ratio of 0.95 and a debt-to-equity ratio of 0.87.

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

Insider Transactions at Achieve Life Sciences

In other Achieve Life Sciences news, Director Richard Stewart sold 20,626 shares of the firm's stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $8.49, for a total value of $175,114.74. Following the transaction, the director directly owned 208,249 shares of the company's stock, valued at $1,768,034.01. This trade represents a 9.01% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.80% of the stock is owned by insiders.

Institutional Trading of Achieve Life Sciences

Several large investors have recently made changes to their positions in the company. Frazier Life Sciences Management L.P. acquired a new stake in shares of Achieve Life Sciences in the 2nd quarter valued at $49,725,000. venBio Partners LLC acquired a new position in shares of Achieve Life Sciences during the 2nd quarter worth $38,623,122. Spruce Street Capital LP acquired a new position in shares of Achieve Life Sciences during the 2nd quarter worth $4,810,240. Bank of New York Mellon Corp bought a new stake in shares of Achieve Life Sciences during the 2nd quarter worth $1,424,000. Finally, Wellington Management Group LLP acquired a new stake in Achieve Life Sciences in the second quarter valued at about $9,318,000. Institutional investors and hedge funds own 33.52% of the company's stock.

Achieve Life Sciences Company Profile

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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