Achieve Life Sciences (NASDAQ:ACHV) Sets New 1-Year High – Here’s What Happened

Achieve Life Sciences, Inc. (NASDAQ:ACHV)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $8.64 and last traded at $8.4320, with a volume of 7221 shares changing hands. The stock had previously closed at $8.48.

Wall Street Analyst Weigh In

Several equities research analysts have commented on ACHV shares. Morgan Stanley started coverage on Achieve Life Sciences in a research note on Thursday, August 13th. They set an “overweight” rating and a $13.00 price target for the company. Wall Street Zen lowered Achieve Life Sciences from a “hold” rating to a “strong sell” rating in a research report on Saturday, August 15th. HC Wainwright reiterated a “buy” rating and set a $12.00 price objective on shares of Achieve Life Sciences in a research note on Wednesday, August 12th. Raymond James Financial reissued a “strong-buy” rating and set a $18.00 price objective on shares of Achieve Life Sciences in a report on Wednesday, August 12th. Finally, UBS Group restated a “buy” rating on shares of Achieve Life Sciences in a research note on Wednesday, August 12th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $15.00.

Achieve Life Sciences Stock Up 0.1%

The company has a debt-to-equity ratio of 0.87, a current ratio of 0.95 and a quick ratio of 0.95. The stock’s fifty day simple moving average is $6.83 and its 200-day simple moving average is $5.28. The stock has a market cap of $873.12 million, a P/E ratio of -5.46 and a beta of 2.25.

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

Insider Buying and Selling

In other Achieve Life Sciences news, Director Richard Alistair Stewart sold 20,626 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $8.49, for a total value of $175,114.74. Following the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Achieve Life Sciences

Several institutional investors have recently modified their holdings of ACHV. AQR Capital Management LLC acquired a new stake in shares of Achieve Life Sciences in the first quarter valued at approximately $32,000. Qube Research & Technologies Ltd acquired a new position in shares of Achieve Life Sciences in the 2nd quarter worth approximately $232,000. Raymond James Financial Inc. boosted its stake in shares of Achieve Life Sciences by 57.1% during the 2nd quarter. Raymond James Financial Inc. now owns 295,058 shares of the biopharmaceutical company’s stock worth $667,000 after acquiring an additional 107,218 shares in the last quarter. Jane Street Group LLC purchased a new position in Achieve Life Sciences in the 2nd quarter worth about $159,000. 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 own 33.52% of the company’s stock.

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.