Sofinnova Investments Inc. Cuts Holdings in Achieve Life Sciences, Inc. (NASDAQ:ACHV)

Sofinnova Investments Inc. lowered its stake in shares of Achieve Life Sciences, Inc. (NASDAQ:ACHV) by 8.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,388,372 shares of the biopharmaceutical company’s stock after selling 129,858 shares during the quarter. Sofinnova Investments Inc. owned 4.04% of Achieve Life Sciences worth $6,525,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Renaissance Technologies LLC raised its position in Achieve Life Sciences by 134.2% during the second quarter. Renaissance Technologies LLC now owns 25,060 shares of the biopharmaceutical company’s stock valued at $118,000 after purchasing an additional 14,360 shares in the last quarter. Rhumbline Advisers bought a new position in shares of Achieve Life Sciences during the 2nd quarter valued at about $197,000. Bank of New York Mellon Corp purchased a new position in shares of Achieve Life Sciences during the 2nd quarter valued at about $482,000. Virtu Financial LLC bought a new stake in Achieve Life Sciences in the 1st quarter worth approximately $59,000. Finally, Propel Bio Management LLC purchased a new stake in Achieve Life Sciences in the first quarter worth approximately $11,149,000. 33.52% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Oppenheimer reissued an “outperform” rating and set a $11.00 price target on shares of Achieve Life Sciences in a research note on Thursday, August 15th.

Achieve Life Sciences Stock Down 2.2 %

Shares of Achieve Life Sciences stock opened at $4.43 on Tuesday. Achieve Life Sciences, Inc. has a 1 year low of $3.03 and a 1 year high of $5.98. The firm has a market cap of $152.13 million, a price-to-earnings ratio of -3.43 and a beta of 1.56. The company has a 50-day moving average of $4.57 and a 200 day moving average of $4.68. The company has a debt-to-equity ratio of 0.21, a current ratio of 4.56 and a quick ratio of 4.56.

Achieve Life Sciences (NASDAQ:ACHV) last issued its quarterly earnings results on Tuesday, August 13th. The biopharmaceutical company reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.03). During the same quarter in the previous year, the company posted ($0.43) earnings per share. As a group, sell-side analysts anticipate that Achieve Life Sciences, Inc. will post -1.01 earnings per share for the current fiscal year.

Achieve Life Sciences Profile

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.