Most think that the challenge is bugged. However, it is not. It is just difficult to accomplish.
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Issue - The requirement is to transform 150 times without going back to Human form. Meaning, the 150 transforms have to be done contiguously. Not a few here and there.
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How to Complete - You must stay in Werewolf/Werebear form. In order to achieve this, learn half of each forms skills. The only skills I used were Maul, Shred, Debilitating Roar and Blood Howl. Go to an easy dungeon that does not require interactions and does not have active quests for them. As you are walking, keep spamming your basic skill. When encountering enemies, don’t worry about using all your Spirit. You want to switch between your Basic and Core abilities as often as possible. Kill enemies, switch often, spam Basic skill in order to stay in form and DO NOT interact with anything that will cause you to break Shapeshift, for example NPCs.
I was able to complete this on a low level alt. I hope this helps others having a difficult time completing this challenge.