Akoya Biosciences (NASDAQ:AKYA) Given New $1.80 Price Target at Canaccord Genuity Group

Akoya Biosciences (NASDAQ:AKYA) had its target price cut by Canaccord Genuity Group from $3.50 to $1.80 in a research report sent to investors on Tuesday,Benzinga reports. They currently have a hold rating on the stock.

A number of other research firms also recently commented on AKYA. Stephens reiterated an “equal weight” rating and issued a $1.80 price objective (down previously from $3.50) on shares of Akoya Biosciences in a report on Tuesday, March 25th. Piper Sandler cut their price objective on shares of Akoya Biosciences from $2.40 to $1.65 and set a “neutral” rating on the stock in a report on Monday, April 14th. Seven equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, Akoya Biosciences has an average rating of “Hold” and an average price target of $3.21.

Akoya Biosciences Stock Performance

Shares of AKYA opened at $1.27 on Tuesday. The stock has a 50-day simple moving average of $1.42 and a 200-day simple moving average of $2.20. The stock has a market capitalization of $63.29 million, a PE ratio of -1.08 and a beta of 1.33. Akoya Biosciences has a 1 year low of $1.01 and a 1 year high of $4.65. The company has a debt-to-equity ratio of 5.62, a quick ratio of 1.85 and a current ratio of 2.75.

Akoya Biosciences (NASDAQ:AKYA) last announced its quarterly earnings data on Monday, March 17th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.02). The firm had revenue of $21.34 million during the quarter, compared to analysts’ expectations of $21.34 million. Akoya Biosciences had a negative net margin of 66.77% and a negative return on equity of 162.99%. On average, analysts predict that Akoya Biosciences will post -0.96 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Akoya Biosciences

Large investors have recently modified their holdings of the company. Intech Investment Management LLC purchased a new stake in Akoya Biosciences in the 4th quarter valued at $27,000. SG Americas Securities LLC acquired a new position in Akoya Biosciences in the fourth quarter valued at $28,000. Price T Rowe Associates Inc. MD purchased a new stake in shares of Akoya Biosciences in the fourth quarter valued at about $31,000. Bank of America Corp DE boosted its stake in shares of Akoya Biosciences by 39.6% during the fourth quarter. Bank of America Corp DE now owns 29,092 shares of the company’s stock worth $67,000 after buying an additional 8,258 shares during the period. Finally, Rhumbline Advisers grew its holdings in shares of Akoya Biosciences by 131.7% during the first quarter. Rhumbline Advisers now owns 74,255 shares of the company’s stock worth $103,000 after buying an additional 42,204 shares during the last quarter. 79.42% of the stock is owned by institutional investors and hedge funds.

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.