Achieve Life Sciences (NASDAQ:ACHV) Trading Down 7.7% – Here’s What Happened

Achieve Life Sciences, Inc. (NASDAQ:ACHV)’s stock price dropped 7.7% during trading on Friday . The stock traded as low as $5.95 and last traded at $5.91. Approximately 296,469 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 1,315,271 shares. The stock had previously closed at $6.40.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Raymond James Financial began coverage on shares of Achieve Life Sciences in a research note on Friday, June 26th. They set a “strong-buy” rating and a $20.00 price objective on the stock. Weiss Ratings raised shares of Achieve Life Sciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, May 22nd. Canaccord Genuity Group set a $13.00 target price on Achieve Life Sciences and gave the stock a “buy” rating in a report on Monday, April 20th. Wall Street Zen upgraded Achieve Life Sciences from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $12.00 target price on shares of Achieve Life Sciences in a research report on Monday, June 22nd. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $16.00.

Achieve Life Sciences Stock Down 7.2%

The company’s fifty day simple moving average is $5.37 and its 200-day simple moving average is $4.70. 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 firm has a market capitalization of $609.80 million, a PE ratio of -5.30 and a beta of 2.21.

Achieve Life Sciences (NASDAQ:ACHV) last issued its quarterly 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, analysts forecast that Achieve Life Sciences, Inc. will post -0.81 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ACHV. AQR Capital Management LLC purchased a new stake in Achieve Life Sciences in the first quarter valued at about $32,000. Sender Co & Partners Inc. purchased a new stake in shares of Achieve Life Sciences during the second quarter worth about $56,000. Magnolia Capital Advisors LLC purchased a new stake in shares of Achieve Life Sciences during the fourth quarter worth about $64,000. Bank of America Corp DE increased 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 in the last quarter. Finally, Jefferies Financial Group Inc. acquired a new position in shares of Achieve Life Sciences during the fourth quarter valued at about $84,000. 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.