The second quarter of 2022 brought on some significant news for the shareholders of Achieve Life Sciences (NASDAQ: ACHV). The most notable are two positive developments, which bring a ray of hope to the prospects of the company. This renewed optimism comes in as a much-needed boost for ACHV stock, after its 76% decline in a single year.
Positive Orca-2 Trial Results for ACHV
Firstly, the Orca-2 trial candidate showed overwhelmingly positive results in terms of both safety and efficacy. Smokers who took the drug were six to eight times more likely to drop smoking, in comparison to those who had the placebo. The results also showed that the treatment falls well within the acceptable safety ranges, which adds to the favorability of the candidate. Upon commercialization, which seems highly probabilistic at this stage, could result in a global disruption to a market that could potentially be valued at billions of dollars. The management of the company has displayed eagerness in regard to presenting the trial results in various medical conferences, and research journals.
Achieve Receives Grant Funding for Orca-V1
Another major positive for Achieve in the second quarter of the year had been regarding its Orca-V1 candidate, which works with cytisinicline, and targets smokers of nicotine e-cigarettes. The company is all set to initiate its Phase II trials and has successfully secured an additional $2.5 million in grant funding from the National Institute of Health, and is on its way to recruiting 150 adult e-cigarette smokers.
At present there is no FDA-approved product that caters to the e-cigarette user market, helping them quit the habit, which also reflects a substantial market opportunity.
Quarter 2 was largely positive for ACHV, with the company all set to execute its strategy and achieve its objectives for the year. The developments significantly enhance the potential of the stock and signal a potentially massive undervaluation.