Short Interest in Akoya Biosciences, Inc. (NASDAQ:AKYA) Drops By 30.8%

Akoya Biosciences, Inc. (NASDAQ:AKYA) was the target of a large decrease in short interest during the month of March. As of March 15th, there was short interest totalling 2,490,000 shares, a decrease of 30.8% from the February 28th total of 3,600,000 shares. Based on an average trading volume of 639,800 shares, the short-interest ratio is currently 3.9 days. Currently, 12.0% of the shares of the company are sold short.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on AKYA shares. Piper Sandler downgraded shares of Akoya Biosciences from an “overweight” rating to a “neutral” rating and set a $2.40 target price for the company. in a research report on Wednesday, March 5th. Canaccord Genuity Group cut Akoya Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, January 13th. Finally, Stephens reaffirmed an “equal weight” rating and set a $1.80 target price (down from $3.50) on shares of Akoya Biosciences in a report on Tuesday, March 25th. Seven research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $3.62.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE lifted its stake in shares of Akoya Biosciences by 39.6% in 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 in the last quarter. Paragon Associates & Paragon Associates II Joint Venture lifted its stake in Akoya Biosciences by 1.4% in the 4th quarter. Paragon Associates & Paragon Associates II Joint Venture now owns 801,000 shares of the company’s stock worth $1,834,000 after purchasing an additional 11,000 shares in the last quarter. Intech Investment Management LLC acquired a new position in shares of Akoya Biosciences during the 4th quarter worth approximately $27,000. SG Americas Securities LLC purchased a new stake in shares of Akoya Biosciences in the fourth quarter valued at approximately $28,000. Finally, Price T Rowe Associates Inc. MD acquired a new stake in shares of Akoya Biosciences in the fourth quarter valued at approximately $31,000. Hedge funds and other institutional investors own 79.42% of the company’s stock.

Akoya Biosciences Trading Down 4.0 %

Shares of Akoya Biosciences stock opened at $1.43 on Monday. Akoya Biosciences has a fifty-two week low of $1.39 and a fifty-two week high of $4.69. The company has a debt-to-equity ratio of 5.62, a quick ratio of 1.85 and a current ratio of 2.75. The company has a market cap of $71.24 million, a P/E ratio of -1.21 and a beta of 1.32. The firm has a 50-day simple moving average of $2.11 and a two-hundred day simple moving average of $2.47.

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

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.