Brokerages Set Akoya Biosciences, Inc. (NASDAQ:AKYA) Target Price at $6.56

Shares of Akoya Biosciences, Inc. (NASDAQ:AKYA) have earned an average recommendation of “Moderate Buy” from the nine ratings firms that are covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $6.56.

AKYA has been the subject of several recent research reports. Piper Sandler decreased their price objective on Akoya Biosciences from $6.00 to $4.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. BTIG Research lowered shares of Akoya Biosciences from a “buy” rating to a “neutral” rating in a research note on Tuesday, August 6th. JPMorgan Chase & Co. downgraded Akoya Biosciences from an “overweight” rating to a “neutral” rating in a research report on Tuesday, August 6th. Craig Hallum reduced their price target on Akoya Biosciences from $7.50 to $7.00 and set a “buy” rating for the company in a research report on Tuesday, August 6th. Finally, Morgan Stanley cut Akoya Biosciences from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $4.00 to $3.00 in a report on Tuesday, August 6th.

Akoya Biosciences Stock Performance

NASDAQ AKYA opened at $2.86 on Friday. The company has a debt-to-equity ratio of 3.43, a quick ratio of 1.98 and a current ratio of 2.73. The company has a market capitalization of $141.57 million, a PE ratio of -1.95 and a beta of 1.35. Akoya Biosciences has a 52-week low of $1.88 and a 52-week high of $6.31. The company has a 50-day simple moving average of $2.49 and a 200 day simple moving average of $2.99.

Akoya Biosciences (NASDAQ:AKYA) last issued its quarterly earnings results on Monday, August 5th. The company reported ($0.27) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.27). Akoya Biosciences had a negative net margin of 64.74% and a negative return on equity of 126.38%. The company had revenue of $23.16 million during the quarter, compared to analyst estimates of $23.61 million. During the same quarter last year, the business posted ($0.51) EPS. On average, research analysts predict that Akoya Biosciences will post -0.98 EPS for the current year.

Hedge Funds Weigh In On Akoya Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AKYA. Regal Investment Advisors LLC raised its holdings in shares of Akoya Biosciences by 64.3% in the 2nd quarter. Regal Investment Advisors LLC now owns 18,760 shares of the company’s stock valued at $44,000 after acquiring an additional 7,340 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Akoya Biosciences by 16.2% in the second quarter. Bank of New York Mellon Corp now owns 67,468 shares of the company’s stock valued at $158,000 after purchasing an additional 9,429 shares in the last quarter. Vanguard Group Inc. lifted its position in Akoya Biosciences by 3.3% during the first quarter. Vanguard Group Inc. now owns 1,454,288 shares of the company’s stock valued at $6,821,000 after purchasing an additional 46,131 shares during the last quarter. CIBC Asset Management Inc grew its stake in Akoya Biosciences by 176.0% in the 4th quarter. CIBC Asset Management Inc now owns 115,644 shares of the company’s stock worth $564,000 after buying an additional 73,737 shares in the last quarter. Finally, Parkman Healthcare Partners LLC increased its holdings in shares of Akoya Biosciences by 28.4% in the 4th quarter. Parkman Healthcare Partners LLC now owns 674,787 shares of the company’s stock worth $3,293,000 after buying an additional 149,164 shares during the last quarter. 79.42% of the stock is currently owned by hedge funds and other institutional investors.

About Akoya Biosciences

Akoya Biosciences, Inc, a life sciences technology company, provides spatial biology solutions focused on transforming discovery and clinical research in North America, the Asia Pacific, Europe, the Middle East, and Africa. The company offers PhenoCycler instrument, a compact bench-top fluidics system that integrates with a companion microscope to automate image acquisition; and PhenoImager platform that enables researchers to visualize, analyze, quantify, and phenotype cells in situ, in fresh frozen or FFPE tissue sections, and tissue microarrays utilizing an automated and high-throughput workflow.