Achieve Life Sciences price target lowered to $11 from $19 at Lake Street

Lake Street lowered the firm’s price target on Achieve Life Sciences to $11 from $19 and keeps a Buy rating on the shares after Achieve announced an agreement with FDA providing a path to NDA submission as well as a “substantial financing” last week. The firm’s revised target accounts for the larger share count and the delay in launch timing, notes that analyst, who calls last week’s announcements “clearly a good news/bad news situation for Achieve.” However, the firm believes the actions taken last week provide a pathway for monetization of cytisinicline via partnership or acquisition.