Akoya Biosciences, Inc. (NASDAQ:AKYA) Short Interest Up 10.3% in June

Akoya Biosciences, Inc. (NASDAQ:AKYA) saw a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 2,250,000 shares, a growth of 10.3% from the May 31st total of 2,040,000 shares. Based on an average daily trading volume, of 327,800 shares, the days-to-cover ratio is currently 6.9 days. Currently, 10.3% of the shares of the company are sold short.

Akoya Biosciences Trading Down 1.4 %

Shares of Akoya Biosciences stock opened at $2.18 on Wednesday. Akoya Biosciences has a 12-month low of $1.88 and a 12-month high of $7.68. The company has a market cap of $107.67 million, a price-to-earnings ratio of -1.48 and a beta of 1.34. The company has a current ratio of 3.07, a quick ratio of 2.38 and a debt-to-equity ratio of 2.33. The company’s 50-day moving average price is $2.78 and its 200-day moving average price is $4.19.

Akoya Biosciences (NASDAQ:AKYA) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.30) by ($0.05). Akoya Biosciences had a negative return on equity of 111.80% and a negative net margin of 72.68%. The firm had revenue of $18.35 million during the quarter, compared to analysts’ expectations of $24.13 million. On average, equities analysts expect that Akoya Biosciences will post -0.99 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC increased its position in shares of Akoya Biosciences by 10,169.5% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,059 shares of the company’s stock worth $30,000 after purchasing an additional 6,000 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Akoya Biosciences by 291.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,408 shares of the company’s stock worth $51,000 after purchasing an additional 7,746 shares during the last quarter. CIBC Asset Management Inc increased its position in shares of Akoya Biosciences by 176.0% in the fourth quarter. CIBC Asset Management Inc now owns 115,644 shares of the company’s stock worth $564,000 after purchasing an additional 73,737 shares during the last quarter. Schonfeld Strategic Advisors LLC increased its position in shares of Akoya Biosciences by 5.9% in the third quarter. Schonfeld Strategic Advisors LLC now owns 129,500 shares of the company’s stock worth $602,000 after purchasing an additional 7,200 shares during the last quarter. Finally, Peddock Capital Advisors LLC increased its position in shares of Akoya Biosciences by 546.2% in the fourth quarter. Peddock Capital Advisors LLC now owns 290,720 shares of the company’s stock worth $1,419,000 after purchasing an additional 245,728 shares during the last quarter. 79.42% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Canaccord Genuity Group cut their price target on shares of Akoya Biosciences from $10.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, May 14th. Craig Hallum initiated coverage on shares of Akoya Biosciences in a report on Friday, June 21st. They set a “buy” rating and a $7.50 price objective on the stock. JPMorgan Chase & Co. dropped their price objective on shares of Akoya Biosciences from $12.00 to $10.00 and set an “overweight” rating on the stock in a report on Wednesday, March 6th. UBS Group upped their price objective on shares of Akoya Biosciences from $7.00 to $7.50 and gave the company a “buy” rating in a report on Tuesday, March 5th. Finally, BTIG Research dropped their price objective on shares of Akoya Biosciences from $9.00 to $6.00 and set a “buy” rating on the stock in a report on Tuesday, May 14th. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $7.25.

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.