Franklin Resources Inc. Sells 2,181,025 Shares of Achieve Life Sciences, Inc. (NASDAQ:ACHV)

Franklin Resources Inc. trimmed its stake in Achieve Life Sciences, Inc. (NASDAQ:ACHV - Free Report) by 36.0% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. 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 approximately 11.26% of Achieve Life Sciences worth $19,318,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp bought a new stake in Achieve Life Sciences during the second quarter worth $482,000. Geode Capital Management LLC lifted its stake in 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 during the last quarter. Rhumbline Advisers acquired a new stake in Achieve Life Sciences in the 2nd quarter valued at about $197,000. Barclays PLC grew its holdings in Achieve Life Sciences by 303.1% during 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 period. Finally, State Street Corp increased its position in Achieve Life Sciences by 6.8% during the third quarter. State Street Corp now owns 431,520 shares of the biopharmaceutical company's stock worth $2,045,000 after buying an additional 27,419 shares during the last quarter. 33.52% of the stock is owned by institutional investors.

Achieve Life Sciences Stock Performance

Shares of NASDAQ ACHV traded down $0.13 during trading hours on Friday, reaching $3.69. 476,978 shares of the stock were exchanged, compared to its average volume of 139,989. The stock's fifty day simple moving average is $4.57 and its 200 day simple moving average is $4.65. The firm has a market capitalization of $126.90 million, a price-to-earnings ratio of -3.27 and a beta of 1.58. Achieve Life Sciences, Inc. has a 52 week low of $3.20 and a 52 week high of $5.59. The company has a debt-to-equity ratio of 0.31, a quick ratio of 6.78 and a current ratio of 6.78.

Achieve Life Sciences (NASDAQ:ACHV - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The biopharmaceutical company reported ($0.36) earnings per share for the quarter, missing the consensus estimate of ($0.26) by ($0.10). During the same period in the previous year, the company posted ($0.34) earnings per share. Sell-side 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 subject of a number of recent analyst reports. RODMAN&RENSHAW raised Achieve Life Sciences to a "strong-buy" rating in a research report on Thursday, November 14th. Raymond James started 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 initiated 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 issued a strong buy rating to the company. According to MarketBeat, Achieve Life Sciences presently has an average rating of "Buy" and a consensus target price of $14.80.

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.