Achieve Life Sciences initiated with a Strong Buy at Raymond James

Raymond James analyst Gary Nachman last night initiated coverage of Achieve Life Sciences with a Strong Buy rating and $20 price target. There is a “still significant unmet need” with nicotine addiction, a major global public health concern not yet sufficiently addressed, the analyst tells investors in a research note. The firm says Achieve’s cytisinicline has a “compelling clinical profile with impressive” Phase 2/3 data on rates of smoking cessation and favorable safety. Cytisinicline has a proven mechanism with a de-risked regulatory path, contends Raymond James. It believes the large opportunity in smoking is “ripe for the taking.”