Akoya Biosciences (NASDAQ:AKYA) Cut to Hold at Craig Hallum

Akoya Biosciences (NASDAQ:AKYA) was downgraded by equities researchers at Craig Hallum from a “buy” rating to a “hold” rating in a note issued to investors on Friday, MarketBeat.com reports. They presently have a $5.00 target price on the stock, down from their prior target price of $7.00. Craig Hallum’s target price points to a potential upside of 59.74% from the company’s current price.

Other equities research analysts have also recently issued research reports about the company. BTIG Research cut Akoya Biosciences from a “buy” rating to a “neutral” rating in a report on Tuesday, August 6th. Morgan Stanley cut Akoya Biosciences from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $4.00 to $3.00 in a report on Tuesday, August 6th. JPMorgan Chase & Co. lowered shares of Akoya Biosciences from an “overweight” rating to a “neutral” rating in a report on Tuesday, August 6th. Finally, Piper Sandler decreased their target price on shares of Akoya Biosciences from $6.00 to $4.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 13th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $5.93.

Akoya Biosciences Stock Performance

Shares of AKYA opened at $3.13 on Friday. The company has a market capitalization of $154.94 million, a price-to-earnings ratio of -2.54 and a beta of 1.34. The company has a debt-to-equity ratio of 3.43, a quick ratio of 1.98 and a current ratio of 2.73. Akoya Biosciences has a 1 year low of $1.88 and a 1 year high of $6.31. The company’s 50 day simple moving average is $2.91 and its 200 day simple moving average is $2.66.

Hedge Funds Weigh In On Akoya Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of the company. Regal Investment Advisors LLC increased its position in Akoya Biosciences by 64.3% during the 2nd quarter. Regal Investment Advisors LLC now owns 18,760 shares of the company’s stock worth $44,000 after purchasing an additional 7,340 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Akoya Biosciences by 16.2% during the second quarter. Bank of New York Mellon Corp now owns 67,468 shares of the company’s stock worth $158,000 after buying an additional 9,429 shares during the period. GSA Capital Partners LLP increased its position in shares of Akoya Biosciences by 87.4% in the third quarter. GSA Capital Partners LLP now owns 310,669 shares of the company’s stock worth $845,000 after acquiring an additional 144,903 shares in the last quarter. Silvercrest Asset Management Group LLC purchased a new position in shares of Akoya Biosciences in the 1st quarter valued at $2,724,000. Finally, Vanguard Group Inc. raised its stake in shares of Akoya Biosciences by 3.3% in the 1st quarter. Vanguard Group Inc. now owns 1,454,288 shares of the company’s stock valued at $6,821,000 after acquiring an additional 46,131 shares during the period. 79.42% of the stock is owned by institutional investors and hedge funds.

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.