Achieve Life Sciences (NASDAQ:ACHV) Shares Up 6.5% – Here’s Why

Achieve Life Sciences, Inc. (NASDAQ:ACHV) was up 6.5% during mid-day trading on Friday . The stock traded as high as $6.33 and last traded at $6.35. 209,257 shares were traded during trading, a decline of 84% from the average session volume of 1,329,049 shares. The stock had previously closed at $5.96.

Analyst Upgrades and Downgrades

A number of analysts have commented on ACHV shares. Weiss Ratings raised shares of Achieve Life Sciences from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, May 22nd. HC Wainwright reiterated a “buy” rating and set a $12.00 price target on shares of Achieve Life Sciences in a research note on Monday, June 22nd. Canaccord Genuity Group set a $13.00 price objective on shares of Achieve Life Sciences and gave the company a “buy” rating in a research report on Monday, April 20th. Raymond James Financial began coverage on Achieve Life Sciences in a research note on Friday, June 26th. They issued a “strong-buy” rating and a $20.00 price objective for the company. Finally, UBS Group reaffirmed a “buy” rating on shares of Achieve Life Sciences in a report on Tuesday, June 23rd. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $16.00.

Achieve Life Sciences Trading Up 5.2%

The stock has a fifty day simple moving average of $5.56 and a 200 day simple moving average of $4.77. The firm has a market capitalization of $643.68 million, a P/E ratio of -5.60 and a beta of 2.21. The company has a quick ratio of 2.62, a current ratio of 2.62 and a debt-to-equity ratio of 0.87.

Achieve Life Sciences (NASDAQ:ACHV) last released its quarterly earnings data on Tuesday, May 12th. The biopharmaceutical company reported ($0.19) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.30) by $0.11. As a group, research analysts forecast that Achieve Life Sciences, Inc. will post -0.81 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC purchased a new stake in Achieve Life Sciences during the 1st quarter valued at approximately $32,000. Sender Co & Partners Inc. purchased a new position in shares of Achieve Life Sciences in the second quarter worth $56,000. Magnolia Capital Advisors LLC purchased a new position in shares of Achieve Life Sciences in the fourth quarter worth $64,000. Bank of America Corp DE boosted its position 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 worth $76,000 after acquiring an additional 9,617 shares during the last quarter. Finally, Jefferies Financial Group Inc. bought a new position in shares of Achieve Life Sciences during the fourth quarter worth $84,000. 33.52% of the stock is currently owned by 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.