Achieve Life Sciences shares continue to soar on the back of 4Q earnings results

Achieve Life Sciences Inc (NASDAQ:ACHV) shares soared on Friday on the back of year-end and fourth-quarter earnings results that beat analyst estimates.  

Shares of the Washington State-based biotech moved significantly throughout the day on Friday, up 31% at US$3.21 by mid-day. The pharmaceutical group specializes in smoking-cessation techniques. 

The company reported 4Q earnings per share of US$0.55, $0.09 better than analyst estimates of $0.64. 

READ: Achieve Life Sciences shares rocket after promising smoking-cessation drug trial

The company’s net loss for the fourth quarter was US$3.6 million. For the year ended December 31, 2018, it was US$12.7 million. 

As of December 31, 2018, the company’s cash, cash equivalents, short-term investments and restricted cash were US$14.7 million. Total operating expenses for the fourth quarter and year ended December 31, 2018 were $3.7 million and $12.8 million, respectively. 

The company recently released news that it had completed the enrollment in a Phase 2b trial of its smoking-cessation drug, cytisinicline.  The plant-based compound, also known as cytisine, interacts with the brain’s nicotine receptors to reduce nicotine withdrawal symptoms.

It also recently presented final data from its cytisinicline phase 1/2 multi-dose, pharmacokinetic and pharmacodynamics study at the Society for Research on Nicotine & Tobacco Annual Meeting. 

Contact Katie Lewis at [email protected]

– story updated to reflect share price movement on Friday – 

Story by ProactiveInvestors