Achieve Life Sciences (NASDAQ:ACHV) Trading 7.8% Higher – Here’s What Happened

Shares of Achieve Life Sciences, Inc. (NASDAQ:ACHV) traded up 7.8% during mid-day trading on Wednesday . The stock traded as high as $7.02 and last traded at $7.04. Approximately 524,709 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 1,276,113 shares. The stock had previously closed at $6.53.

Analyst Ratings Changes

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

Achieve Life Sciences Stock Up 4.1%

The stock has a market cap of $697.57 million, a P/E ratio of -6.07 and a beta of 2.27. The company has a current ratio of 2.62, a quick ratio of 2.62 and a debt-to-equity ratio of 0.87. The firm’s fifty day moving average is $5.06 and its 200 day moving average is $4.60.

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

Institutional Trading of Achieve Life Sciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. 683 Capital Management LLC acquired a new stake in shares of Achieve Life Sciences in the fourth quarter worth $1,068,000. Next Capital Management LLC boosted its holdings in Achieve Life Sciences by 117.0% in the 1st quarter. Next Capital Management LLC now owns 34,995 shares of the biopharmaceutical company’s stock valued at $103,000 after purchasing an additional 18,865 shares during the period. Manchester Financial Inc. boosted its holdings in Achieve Life Sciences by 12.1% in the 1st quarter. Manchester Financial Inc. now owns 66,222 shares of the biopharmaceutical company’s stock valued at $195,000 after purchasing an additional 7,138 shares during the period. Alpine Global Management LLC acquired a new stake in Achieve Life Sciences in the 4th quarter worth $415,000. Finally, Magnolia Capital Advisors LLC acquired a new stake in Achieve Life Sciences in the 4th quarter worth $64,000. Institutional investors and hedge funds own 33.52% of the company’s stock.

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.