Akoya Biosciences (NASDAQ:AKYA) Releases Quarterly Earnings Results, Misses Expectations By $0.02 EPS

Akoya Biosciences (NASDAQ:AKYA) posted its quarterly earnings data on Monday. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.02), Zacks reports. The business had revenue of $21.34 million during the quarter, compared to the consensus estimate of $21.34 million. Akoya Biosciences had a negative net margin of 66.77% and a negative return on equity of 162.99%.

Akoya Biosciences Stock Performance

Shares of Akoya Biosciences stock opened at $1.62 on Wednesday. The company has a 50 day moving average of $2.30 and a 200-day moving average of $2.52. Akoya Biosciences has a 1-year low of $1.39 and a 1-year high of $5.16. The company has a current ratio of 2.75, a quick ratio of 1.85 and a debt-to-equity ratio of 5.62. The company has a market cap of $80.31 million, a PE ratio of -1.37 and a beta of 1.32.

Analyst Ratings Changes

A number of analysts have issued reports on the stock. Stephens reissued an “overweight” rating and issued a $3.50 price objective on shares of Akoya Biosciences in a report on Tuesday. Canaccord Genuity Group downgraded shares of Akoya Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, January 13th. Finally, Piper Sandler downgraded shares of Akoya Biosciences from an “overweight” rating to a “neutral” rating and set a $2.40 price objective for the company. in a report on Wednesday, March 5th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $3.90.

Hedge Funds Weigh In On Akoya Biosciences

An institutional investor recently raised its position in Akoya Biosciences stock. Bank of America Corp DE increased its stake in shares of Akoya Biosciences, Inc. (NASDAQ:AKYA) by 39.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,092 shares of the company’s stock after purchasing an additional 8,258 shares during the quarter. Bank of America Corp DE owned approximately 0.06% of Akoya Biosciences worth $67,000 at the end of the most recent reporting period. 79.42% of the stock is owned by hedge funds and other institutional investors.

Akoya Biosciences Company Profile

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.