Achieve Life Sciences (NASDAQ:ACHV) Trading 9.3% Higher – Here’s Why

Achieve Life Sciences, Inc. (NASDAQ:ACHV) shot up 9.3% on Thursday . The stock traded as high as $5.50 and last traded at $5.38. 725,384 shares changed hands during mid-day trading, a decline of 29% from the average session volume of 1,027,760 shares. The stock had previously closed at $4.92.

Wall Street Analysts Forecast Growth

ACHV has been the topic of a number of recent research reports. 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. Wall Street Zen raised shares of Achieve Life Sciences from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. HC Wainwright reaffirmed a “buy” rating and issued a $12.00 target price on shares of Achieve Life Sciences in a report on Thursday, April 16th. Finally, Canaccord Genuity Group set a $13.00 price target on Achieve Life Sciences and gave the stock a “buy” rating in a report on Monday, April 20th. Two research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $14.67.

Achieve Life Sciences Stock Down 3.0%

The company has a debt-to-equity ratio of 0.87, a current ratio of 2.62 and a quick ratio of 2.62. The firm has a market capitalization of $526.64 million, a price-to-earnings ratio of -4.58 and a beta of 2.27. The firm’s 50-day moving average price is $4.34 and its 200 day moving average price is $4.48.

Achieve Life Sciences (NASDAQ:ACHV) last issued its quarterly earnings data on Tuesday, May 12th. The biopharmaceutical company reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.11. Sell-side analysts expect that Achieve Life Sciences, Inc. will post -0.91 EPS for the current year.

Institutional Investors Weigh In On Achieve Life Sciences

Several large investors have recently added to or reduced their stakes in the stock. AQR Capital Management LLC bought a new stake in Achieve Life Sciences in the 1st quarter valued at about $32,000. Qube Research & Technologies Ltd bought a new stake in Achieve Life Sciences in the second quarter worth about $232,000. Raymond James Financial Inc. boosted its holdings in Achieve Life Sciences by 57.1% during the second quarter. Raymond James Financial Inc. now owns 295,058 shares of the biopharmaceutical company’s stock worth $667,000 after buying an additional 107,218 shares in the last quarter. Jane Street Group LLC bought a new stake in shares of Achieve Life Sciences during the 2nd quarter worth $159,000. Finally, Bank of America Corp DE increased its stake in Achieve Life Sciences by 39.9% in the 2nd quarter. Bank of America Corp DE now owns 33,731 shares of the biopharmaceutical company’s stock worth $76,000 after purchasing an additional 9,617 shares in the last quarter. 33.52% of the stock is owned by institutional investors and hedge funds.

Achieve Life Sciences Company Profile

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.