Achieve Life Sciences, Inc. (NASDAQ:ACHV) Short Interest Up 42.7% in August

Key Points

• Short interest in Achieve Life Sciences (NASDAQ: ACHV) rose by 42.7% in August, reaching a total of 3,980,000 shares.
• HC Wainwright initiated coverage with a buy rating and set a target price of $12.00 for Achieve Life Sciences, while the consensus target price among analysts is $14.67.
• Institutional investors own 33.52% of Achieve Life Sciences, with notable increases in positions from hedge funds like Franklin Resources Inc. and Simplify Asset Management Inc..

Achieve Life Sciences, Inc. (NASDAQ:ACHV - Get Free Report) was the target of a large growth in short interest in the month of August. As of August 15th, there was short interest totaling 3,980,000 shares, a growth of 42.7% from the July 31st total of 2,790,000 shares. Based on an average daily trading volume, of 1,090,000 shares, the short-interest ratio is currently 3.7 days. Based on an average daily trading volume, of 1,090,000 shares, the short-interest ratio is currently 3.7 days.

Wall Street Analyst Weigh In

Separately, HC Wainwright assumed coverage on shares of Achieve Life Sciences in a research report on Thursday, August 21st. They issued a "buy" rating and a $12.00 target price for the company. Two investment analysts have rated the stock with a Strong Buy rating and two have issued a Buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Strong Buy" and a consensus price target of $14.67.

Achieve Life Sciences Price Performance

Shares of NASDAQ ACHV traded down $0.08 during midday trading on Friday, reaching $3.08. The company's stock had a trading volume of 990,117 shares, compared to its average volume of 1,541,933. 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 company has a 50 day moving average price of $2.72 and a 200 day moving average price of $2.78. Achieve Life Sciences has a one year low of $1.84 and a one year high of $5.31. The company has a market cap of $157.39 million, a price-to-earnings ratio of -2.11 and a beta of 1.53.

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

Insider Buying and Selling at Achieve Life Sciences

In other news, insider Jaime Xinos sold 20,854 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $2.77, for a total transaction of $57,765.58. Following the sale, the insider directly owned 74,432 shares in the company, valued at approximately $206,176.64. This represents a 21.89% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas Braxton King sold 139,858 shares of the stock in a transaction that occurred on Thursday, September 4th. The stock was sold at an average price of $2.77, for a total value of $387,406.66. Following the sale, the director owned 315,142 shares in the company, valued at $872,943.34. The trade was a 30.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 202,411 shares of company stock valued at $560,678. Corporate insiders own 3.00% of the company's stock.

Institutional Investors Weigh In On Achieve Life Sciences

A number of large investors have recently made changes to their positions in ACHV. Tower Research Capital LLC TRC raised its holdings in shares of Achieve Life Sciences by 185.8% during the fourth 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 during the period. AQR Capital Management LLC acquired a new stake in shares of Achieve Life Sciences during the first quarter valued at approximately $32,000. Sender Co & Partners Inc. acquired a new stake in shares of Achieve Life Sciences during the second quarter valued at approximately $56,000. Squarepoint Ops LLC acquired a new stake in shares of Achieve Life Sciences during the fourth quarter valued at approximately $62,000. Finally, Bank of America Corp DE raised its holdings in shares of Achieve Life Sciences by 39.9% during the second quarter. Bank of America Corp DE now owns 33,731 shares of the biopharmaceutical company's stock valued at $76,000 after acquiring an additional 9,617 shares during the period. Institutional investors and hedge funds own 33.52% of the company's stock.

About Achieve Life Sciences

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.