Achieve Life Sciences (NASDAQ:ACHV) Releases Quarterly Earnings Results, Misses Estimates By $0.12 EPS

Achieve Life Sciences (NASDAQ:ACHV) posted its earnings results on Tuesday. The biopharmaceutical company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.12), Zacks reports.

Achieve Life Sciences Price Performance

Achieve Life Sciences stock traded up $0.10 during midday trading on Tuesday, hitting $6.76. 99,115 shares of the company’s stock were exchanged, compared to its average volume of 1,289,501. The company has a market cap of $694.49 million, a P/E ratio of -6.05 and a beta of 2.24. The company has a debt-to-equity ratio of 0.87, a quick ratio of 2.62 and a current ratio of 2.62. The stock has a 50-day moving average price of $5.96 and a two-hundred day moving average price of $4.88. Achieve Life Sciences has a 52-week low of $2.37 and a 52-week high of $7.11.

Analyst Ratings Changes

Several brokerages have recently weighed in on ACHV. Raymond James Financial began coverage on Achieve Life Sciences in a research report on Friday, June 26th. They issued a “strong-buy” rating and a $20.00 price target for the company. UBS Group reissued a “buy” rating on shares of Achieve Life Sciences in a report on Tuesday, June 23rd. Wall Street Zen raised Achieve Life Sciences from a “sell” rating to a “hold” rating in a report on Sunday, May 17th. Canaccord Genuity Group set a $13.00 target price on Achieve Life Sciences and gave the stock a “buy” rating in a research note on Monday, April 20th. 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 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 stock. According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $16.00.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. ADAR1 Capital Management LLC grew its stake in Achieve Life Sciences by 10.7% in the 3rd quarter. ADAR1 Capital Management LLC now owns 47,800 shares of the biopharmaceutical company’s stock worth $151,000 after buying an additional 4,627 shares in the last quarter. Bank of America Corp DE increased its holdings in shares of Achieve Life Sciences by 39.9% in the 2nd quarter. Bank of America Corp DE now owns 33,731 shares of the biopharmaceutical company’s stock worth $76,000 after buying an additional 9,617 shares during the last quarter. AQR Capital Management LLC purchased a new stake in shares of Achieve Life Sciences during the 1st quarter valued at $32,000. Magnolia Capital Advisors LLC purchased a new stake in shares of Achieve Life Sciences during the 4th quarter valued at $64,000. Finally, State Street Corp lifted its holdings in shares of Achieve Life Sciences by 6.3% during the 4th quarter. State Street Corp now owns 234,257 shares of the biopharmaceutical company’s stock worth $1,164,000 after acquiring an additional 13,873 shares during the last quarter. Hedge funds and other 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.