Achieve Life Sciences, Inc. (NASDAQ:ACHV) Sees Significant Drop in Short Interest

Achieve Life Sciences, Inc. (NASDAQ:ACHV) saw a significant decline in short interest in November. As of November 15th, there was short interest totalling 3,000,000 shares, a decline of 9.6% from the October 31st total of 3,320,000 shares. Based on an average trading volume of 107,500 shares, the short-interest ratio is currently 27.9 days.

Achieve Life Sciences Stock Performance

Achieve Life Sciences stock opened at $4.38 on Tuesday. Achieve Life Sciences has a fifty-two week low of $3.03 and a fifty-two week high of $5.96. The company has a debt-to-equity ratio of 0.31, a quick ratio of 6.78 and a current ratio of 6.78. The stock has a market cap of $150.63 million, a P/E ratio of -3.88 and a beta of 1.57. The firm’s fifty day moving average price is $4.71 and its 200-day moving average price is $4.74.

Achieve Life Sciences (NASDAQ:ACHV) last released its quarterly earnings results on Thursday, November 7th. The biopharmaceutical company reported ($0.36) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.26) by ($0.10). During the same quarter last year, the firm posted ($0.34) earnings per share. On average, equities research analysts expect that Achieve Life Sciences will post -1.17 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on ACHV shares. RODMAN&RENSHAW raised shares of Achieve Life Sciences to a “strong-buy” rating in a report on Thursday, November 14th. Oppenheimer reiterated an “outperform” rating and issued a $11.00 price objective on shares of Achieve Life Sciences in a research report on Thursday, August 15th. Raymond James initiated coverage on Achieve Life Sciences in a research report on Friday, September 27th. They set a “strong-buy” rating and a $20.00 target price for the company. Finally, Rodman & Renshaw started coverage on Achieve Life Sciences in a report on Thursday, November 14th. They issued a “buy” rating and a $12.00 price target on the stock. Four investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $14.80.

Hedge Funds Weigh In On Achieve Life Sciences

A number of large investors have recently modified their holdings of ACHV. Vanguard Group Inc. grew its position in Achieve Life Sciences by 56.6% during the first quarter. Vanguard Group Inc. now owns 948,441 shares of the biopharmaceutical company’s stock valued at $4,311,000 after acquiring an additional 342,731 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Achieve Life Sciences by 6.9% in the 3rd quarter. Geode Capital Management LLC now owns 749,109 shares of the biopharmaceutical company’s stock valued at $3,552,000 after purchasing an additional 48,474 shares in the last quarter. State Street Corp grew its holdings in shares of Achieve Life Sciences by 6.8% during the 3rd quarter. State Street Corp now owns 431,520 shares of the biopharmaceutical company’s stock valued at $2,045,000 after purchasing an additional 27,419 shares during the last quarter. Bank of New York Mellon Corp purchased a new position in Achieve Life Sciences in the 2nd quarter worth $482,000. Finally, Barclays PLC lifted its stake in Achieve Life Sciences by 303.1% in the third quarter. Barclays PLC now owns 47,655 shares of the biopharmaceutical company’s stock worth $226,000 after purchasing an additional 35,832 shares during the last quarter. 33.52% of the stock is owned by hedge funds and other institutional investors.

About Achieve Life Sciences

Achieve Life Sciences, Inc, a clinical-stage pharmaceutical company, develops and commercializes cytisinicline for smoking cessation and nicotine addiction. The company offers cytisinicline, a plant-based alkaloid that interacts with nicotine receptors in the brain that reduce the severity of nicotine withdrawal symptoms.