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

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

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ACHV. Raymond James Financial began coverage on shares of Achieve Life Sciences in a research report on Friday, June 26th. They set a “strong-buy” rating and a $20.00 price objective for the company. HC Wainwright reiterated a “buy” rating and set a $12.00 target price on shares of Achieve Life Sciences in a research note 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 report on Monday, April 20th. UBS Group restated a “buy” rating on shares of Achieve Life Sciences in a research note on Tuesday, June 23rd. Finally, Wall Street Zen raised Achieve Life Sciences from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $16.00.

Achieve Life Sciences Stock Up 4.5%

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 has a market cap of $639.57 million, a price-to-earnings ratio of -5.56 and a beta of 2.21. The firm’s 50 day simple moving average is $5.53 and its two-hundred day simple moving average is $4.76.

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

Hedge Funds Weigh In On Achieve Life Sciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ACHV. Franklin Resources Inc. grew its holdings in shares of Achieve Life Sciences by 18,747.4% during the 4th quarter. Franklin Resources Inc. now owns 4,369,193 shares of the biopharmaceutical company’s stock worth $21,715,000 after purchasing an additional 4,346,011 shares in the last quarter. Vanguard Group Inc. increased its holdings in Achieve Life Sciences by 14.5% in the 3rd quarter. Vanguard Group Inc. now owns 2,461,802 shares of the biopharmaceutical company’s stock valued at $7,755,000 after buying an additional 311,925 shares during the period. Millennium Management LLC raised its position in shares of 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 valued at $6,755,000 after buying an additional 1,121,614 shares in the last quarter. Hudson Bay Capital Management LP acquired a new position in shares of Achieve Life Sciences in the 2nd quarter valued at approximately $2,652,000. Finally, Marshall Wace LLP raised its position in shares of Achieve Life Sciences by 31.5% in the 4th 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 in the last quarter. 33.52% of the stock is owned by institutional investors and hedge funds.

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.