Franklin Resources Inc. Reduces Stock Position in Achieve Life Sciences, Inc. (NASDAQ:ACHV)

Franklin Resources Inc. decreased its stake in shares of Achieve Life Sciences, Inc. (NASDAQ:ACHV) by 36.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,871,349 shares of the biopharmaceutical company’s stock after selling 2,181,025 shares during the quarter. Franklin Resources Inc. owned about 11.26% of Achieve Life Sciences worth $19,318,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. SG Americas Securities LLC purchased a new position in shares of Achieve Life Sciences during the 3rd quarter worth $54,000. The Manufacturers Life Insurance Company acquired a new stake in Achieve Life Sciences during the second quarter worth about $69,000. MetLife Investment Management LLC raised its stake in Achieve Life Sciences by 65.6% during the third quarter. MetLife Investment Management LLC now owns 14,993 shares of the biopharmaceutical company’s stock worth $71,000 after purchasing an additional 5,939 shares during the period. Verition Fund Management LLC acquired a new position in Achieve Life Sciences in the 3rd quarter valued at about $113,000. Finally, Renaissance Technologies LLC increased its holdings in shares of Achieve Life Sciences by 134.2% during the 2nd quarter. Renaissance Technologies LLC now owns 25,060 shares of the biopharmaceutical company’s stock worth $118,000 after buying an additional 14,360 shares during the last quarter. Hedge funds and other institutional investors own 33.52% of the company’s stock.

Achieve Life Sciences Stock Down 4.5 %

Shares of NASDAQ:ACHV opened at $3.82 on Friday. The firm’s 50-day moving average is $4.57 and its two-hundred day moving average is $4.65. The company has a debt-to-equity ratio of 0.31, a current ratio of 6.78 and a quick ratio of 6.78. Achieve Life Sciences, Inc. has a 1 year low of $3.20 and a 1 year high of $5.59. The firm has a market capitalization of $131.37 million, a PE ratio of -3.38 and a beta of 1.58.

Achieve Life Sciences (NASDAQ:ACHV) last issued its quarterly earnings results on Thursday, November 7th. The biopharmaceutical company reported ($0.36) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.10). During the same quarter in the prior year, the firm earned ($0.34) EPS. Analysts predict that Achieve Life Sciences, Inc. will post -1.17 EPS for the current year.

Wall Street Analysts Forecast Growth

ACHV has been the topic of a number of recent analyst reports. RODMAN&RENSHAW upgraded Achieve Life Sciences to a “strong-buy” rating in a report on Thursday, November 14th. Raymond James began coverage on Achieve Life Sciences in a report on Friday, September 27th. They set a “strong-buy” rating and a $20.00 price target for the company. Finally, Rodman & Renshaw assumed coverage on shares of Achieve Life Sciences in a report on Thursday, November 14th. They issued a “buy” rating and a $12.00 price objective on the stock. Four investment analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, Achieve Life Sciences currently has a consensus rating of “Buy” and an average target price of $14.80.

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.