Achieve Life Sciences' stock rockets on heavy volume after update results of smoking-cessation drug trial

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Shares of Achieve Life Sciences Inc. rocketed 73% to pace all premarket gainers in active trade Friday, after the company reported upbeat results from a trial of its smoking-cessation drug. Trading volume reached 1.8 million shares ahead of the open, compared with the full-day average of about 151,000 shares. The company said it evaluated repeat doses of cytisinicline in 26 healthy volunteer smokers, who smoked an average 17.2 cigarettes a day. By the 26th day of treatment, there was an averag80% reduction in cigarettes smoked, 82% reduction in expired carbon monoxide and 46% had stopped smoking. Cytisinicline was well tolerated, with only "transient, mild-to-moderate headache" as the most common adverse event. "Given the short 25-day treatment period, the abstinence rates observed are impressive, particularly since subjects were not required to commit to quitting and received minimal behavioral support during the study," said Chief Medical Officer Cindy Jacobs. The stock has tumbled 87% over the past 12 months through Thursday, while the S&P 500 has gained 2.6%.