Achieve Life Sciences (NASDAQ:ACHV) Hits New 52-Week High – Here’s What Happened

Achieve Life Sciences, Inc. (NASDAQ:ACHV) reached a new 52-week high on Thursday . The stock traded as high as $7.15 and last traded at $6.9820, with a volume of 283812 shares trading hands. The stock had previously closed at $6.69.

Analyst Ratings Changes

Several brokerages recently commented on ACHV. Canaccord Genuity Group set a $13.00 price objective on shares of Achieve Life Sciences and gave the company a “buy” rating in a research report on Monday, April 20th. Raymond James Financial reaffirmed a “strong-buy” rating and issued a $18.00 price objective on shares of Achieve Life Sciences in a report on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $12.00 price target on shares of Achieve Life Sciences in a research report on Wednesday. Wall Street Zen cut shares of Achieve Life Sciences from a “hold” rating to a “strong sell” rating in a research note on Saturday. Finally, Weiss Ratings raised Achieve Life Sciences from a “sell (e+)” rating to a “sell (d-)” rating in a report on Friday, May 22nd. Two equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $15.00.

Achieve Life Sciences Stock Up 4.7%

The company has a 50 day simple moving average of $6.12 and a two-hundred day simple moving average of $4.93. The company has a quick ratio of 2.62, a current ratio of 0.95 and a debt-to-equity ratio of 0.87. The company has a market capitalization of $781.01 million, a P/E ratio of -4.90 and a beta of 2.24.

Achieve Life Sciences (NASDAQ:ACHV) last posted its quarterly earnings data on Tuesday, August 11th. The biopharmaceutical company reported ($0.80) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.64). As a group, equities analysts predict that Achieve Life Sciences, Inc. will post -0.94 EPS for the current year.

Hedge Funds Weigh In On Achieve Life Sciences

A number of hedge funds and other institutional investors have recently made changes to their positions in ACHV. Jupiter Topco LLC bought a new position in shares of Achieve Life Sciences during the second quarter valued at approximately $17,964,000. ADAR1 Capital Management LLC purchased a new position in Achieve Life Sciences during the second quarter valued at approximately $351,000. Legal & General Group Plc bought a new position in Achieve Life Sciences in the second quarter worth approximately $49,000. The Manufacturers Life Insurance Company bought a new position in Achieve Life Sciences in the second quarter worth approximately $135,000. Finally, Spruce Street Capital LP purchased a new stake in Achieve Life Sciences during the second quarter worth $4,810,240,000. Institutional investors 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.