Achieve Life Sciences (NASDAQ:ACHV) Stock Jumps 3.2% - Here's Why

Key Points

• Achieve Life Sciences shares rose 3.2% to about $7.25, although trading volume was approximately 91% below the stock’s average daily volume.
• Analyst sentiment remains broadly positive: MarketBeat reports a consensus “Buy” rating and an average price target of $15.50, with targets ranging from $13 to $18.
• The company continues developing cytisinicline, an investigational treatment for smoking cessation and nicotine addiction, but recently reported a quarterly loss of $0.80 per share—well below the $0.16 loss analysts expected.

Achieve Life Sciences, Inc. (NASDAQ:ACHV - Get Free Report) rose 3.2% on Wednesday. The stock traded as high as $7.24 and last traded at $7.2540. Approximately 121,677 shares changed hands during trading, a decline of 91% from the average daily volume of 1,355,992 shares. The stock had previously closed at $7.03.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Morgan Stanley initiated coverage on Achieve Life Sciences in a report on Thursday, August 13th. They issued an "overweight" rating and a $13.00 target price for the company. Weiss Ratings restated a "sell (d-)" rating on shares of Achieve Life Sciences in a research report on Wednesday, August 19th. UBS Group reaffirmed a "buy" rating on shares of Achieve Life Sciences in a research note on Wednesday, August 12th. Raymond James Financial reiterated a "strong-buy" rating and set a $18.00 price objective on shares of Achieve Life Sciences in a research report on Wednesday, August 12th. Finally, Stifel Nicolaus set a $18.00 target price on shares of Achieve Life Sciences and gave the company a "buy" rating in a research note on Tuesday, September 29th. Two analysts have rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $15.50.

Achieve Life Sciences Stock Performance

The firm has a 50 day moving average of $7.52 and a 200-day moving average of $5.85. The company has a market cap of $747.57 million, a P/E ratio of -4.69 and a beta of 2.30. 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 issued its 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). As a group, sell-side analysts anticipate that Achieve Life Sciences, Inc. will post -0.92 EPS for the current fiscal year.

Insiders Place Their Bets

In other Achieve Life Sciences news, Director Richard Stewart sold 20,626 shares of the stock in a transaction dated Wednesday, August 19th. The shares were 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 $1,768,034.01. This represents a 9.01% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.80% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Achieve Life Sciences

Hedge funds have recently modified their holdings of the business. Frazier Life Sciences Management L.P. purchased a new position in Achieve Life Sciences during the second quarter valued at approximately $49,725,000. venBio Partners LLC purchased a new stake in Achieve Life Sciences during the second quarter worth $38,623,122. BlackRock Inc. bought a new stake in Achieve Life Sciences during the 2nd quarter valued at $34,426,000. Jupiter Topco LLC purchased a new position in shares of Achieve Life Sciences in the 2nd quarter valued at $17,964,000. Finally, Alyeska Investment Group L.P. bought a new position in shares of Achieve Life Sciences in the 2nd quarter worth $12,575,000. Hedge funds and other institutional investors own 33.52% of the company's stock.

About Achieve Life Sciences

Achieve Life Sciences, Inc is a biopharmaceutical company focused on developing and commercializing cytisinicline, a plant-based investigational therapy intended to help adults quit smoking and address nicotine addiction. Cytisinicline is designed to act on nicotinic acetylcholine receptors in the brain, potentially reducing nicotine cravings and withdrawal symptoms while helping limit the satisfaction associated with smoking.

The company's primary development program is aimed at securing regulatory approval for cytisinicline in the United States.

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