Achieve Life Sciences (NASDAQ:ACHV) Shares Up 11.6% – Still a Buy?

Achieve Life Sciences, Inc. (NASDAQ:ACHV) shares rose 11.6% on Thursday . The stock traded as high as $5.36 and last traded at $5.3350. Approximately 1,928,681 shares were traded during mid-day trading, an increase of 89% from the average daily volume of 1,018,410 shares. The stock had previously closed at $4.78.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Achieve Life Sciences from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, May 22nd. HC Wainwright reaffirmed a “buy” rating and issued a $12.00 target price on shares of Achieve Life Sciences in a research report on Thursday, April 16th. Wall Street Zen raised Achieve Life Sciences from a “sell” rating to a “hold” rating in a research report on Sunday, May 17th. Finally, Canaccord Genuity Group set a $13.00 target price on shares of Achieve Life Sciences and gave the stock a “buy” rating in a report on Monday, April 20th. Two investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $14.67.

Achieve Life Sciences Stock Performance

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 stock’s 50-day moving average price is $4.18 and its 200-day moving average price is $4.46. The company has a market cap of $537.94 million, a P/E ratio of -4.68 and a beta of 2.25.

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ACHV. Franklin Resources Inc. increased its position in shares of Achieve Life Sciences by 18,747.4% during the fourth quarter. Franklin Resources Inc. now owns 4,369,193 shares of the biopharmaceutical company’s stock worth $21,715,000 after buying an additional 4,346,011 shares during the period. Vanguard Group Inc. raised its position in shares of Achieve Life Sciences by 14.5% in the third quarter. Vanguard Group Inc. now owns 2,461,802 shares of the biopharmaceutical company’s stock worth $7,755,000 after buying an additional 311,925 shares in the last quarter. Millennium Management LLC lifted its holdings in Achieve Life Sciences by 472.3% in the 4th quarter. Millennium Management LLC now owns 1,359,116 shares of the biopharmaceutical company’s stock worth $6,755,000 after buying an additional 1,121,614 shares during the period. Hudson Bay Capital Management LP bought a new stake in shares of Achieve Life Sciences in the 2nd quarter worth approximately $2,652,000. Finally, Marshall Wace LLP increased its stake in shares of Achieve Life Sciences by 31.5% during the fourth quarter. Marshall Wace LLP now owns 1,019,281 shares of the biopharmaceutical company’s stock valued at $5,066,000 after buying an additional 244,428 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.