Akoya Biosciences (NASDAQ:AKYA) Given New $3.50 Price Target at Canaccord Genuity Group

Akoya Biosciences (NASDAQ:AKYA) had its price objective trimmed by Canaccord Genuity Group from $6.00 to $3.50 in a report released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other analysts have also recently weighed in on AKYA. JPMorgan Chase & Co. cut shares of Akoya Biosciences from an “overweight” rating to a “neutral” rating in a report on Tuesday, August 6th. Piper Sandler reduced their price objective on shares of Akoya Biosciences from $6.00 to $4.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. Craig Hallum downgraded shares of Akoya Biosciences from a “buy” rating to a “hold” rating and lowered their target price for the stock from $7.00 to $5.00 in a research note on Friday. Morgan Stanley cut Akoya Biosciences from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $4.00 to $3.00 in a research note on Tuesday, August 6th. Finally, BTIG Research cut Akoya Biosciences from a “buy” rating to a “neutral” rating in a research report on Tuesday, August 6th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Akoya Biosciences currently has an average rating of “Hold” and an average target price of $5.57.

Akoya Biosciences Trading Down 23.0 %

AKYA opened at $2.41 on Friday. The company has a debt-to-equity ratio of 3.43, a current ratio of 2.73 and a quick ratio of 1.98. The stock has a market capitalization of $119.30 million, a price-to-earnings ratio of -2.04 and a beta of 1.34. The business has a fifty day moving average price of $2.91 and a 200 day moving average price of $2.63. Akoya Biosciences has a 12 month low of $1.88 and a 12 month high of $6.31.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Regal Investment Advisors LLC grew its position in shares of Akoya Biosciences by 64.3% during the second quarter. Regal Investment Advisors LLC now owns 18,760 shares of the company’s stock worth $44,000 after acquiring an additional 7,340 shares during the last quarter. Barclays PLC boosted its stake in Akoya Biosciences by 320.9% during the 3rd quarter. Barclays PLC now owns 39,472 shares of the company’s stock worth $107,000 after purchasing an additional 30,095 shares during the period. Bank of New York Mellon Corp grew its position in Akoya Biosciences by 16.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 67,468 shares of the company’s stock worth $158,000 after purchasing an additional 9,429 shares during the last quarter. GSA Capital Partners LLP increased its stake in Akoya Biosciences by 87.4% in the third quarter. GSA Capital Partners LLP now owns 310,669 shares of the company’s stock valued at $845,000 after purchasing an additional 144,903 shares during the period. Finally, State Street Corp raised its holdings in shares of Akoya Biosciences by 4.2% in the third quarter. State Street Corp now owns 453,296 shares of the company’s stock valued at $1,233,000 after buying an additional 18,361 shares during the last quarter. Institutional investors and hedge funds own 79.42% of the company’s stock.

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.