Achieve Life Sciences initiated with a Buy at Canaccord

Canaccord analyst Gary Nachman last night initiated coverage of Achieve Life Sciences (ACHV) with a Buy rating and $13 price target The company’s cytisinicline is a “best-in-class” drug for nicotine dependence, where there is still a large unmet need, the analyst tells investors in a research note. Canaccord believes the regulatory path for smoking cessation is “de-risked” as cytisinicline has a better profile than Pfizer’s Chantix. While a complete response letter is expected on or before the June 20 FDA action date because of third-party manufacturing, “that minor delay is already factored into the stock,” contends the firm.