Achieve Life Sciences drops on equity raise plans

Shares of Achieve Life Sciences ACHV.O down 11.7% in extended trading to $3.10 after news of potential equity raise

Seattle-based co announces offering of shares and warrants without disclosing targeted raise

It intends to use net offering proceeds to fund continued advancement of cytisinicline, its treatment for nicotine dependence and smoking cessation, through potential U.S. FDA marketing approval, and for other purposes

Citizens Capital Markets and Raymond James are jt bookrunners for offering

Co also said it's partnering with advertising firm Omnicom OMC.N to support planned U.S. commercial launch of cytisinicline

With ~34.7 mln shares outstanding, ACHV has roughly $120 mln market cap

ACHV shares on Thurs ended down 7.6% at $3.51, essentially flat YTD

All 6 analysts are bullish on the shares with $13 median PT, per LSEG data