Akoya Biosciences (NASDAQ:AKYA) Price Target Cut to $3.50 by Analysts at Canaccord Genuity Group

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

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

Akoya Biosciences Trading Down 23.0 %

AKYA traded down $0.72 on Friday, reaching $2.41. 1,260,584 shares of the company traded hands, compared to its average volume of 225,490. The company has a market cap of $119.29 million, a P/E ratio of -2.04 and a beta of 1.34. The company has a quick ratio of 1.98, a current ratio of 2.73 and a debt-to-equity ratio of 3.43. Akoya Biosciences has a one year low of $1.88 and a one year high of $6.31. The firm has a fifty day simple moving average of $2.91 and a two-hundred day simple moving average of $2.65.

Hedge Funds Weigh In On Akoya Biosciences

A number of large investors have recently made changes to their positions in AKYA. 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 valued at $44,000 after buying an additional 7,340 shares in the last quarter. Barclays PLC increased its holdings in shares of Akoya Biosciences by 320.9% during the third quarter. Barclays PLC now owns 39,472 shares of the company’s stock valued at $107,000 after acquiring an additional 30,095 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Akoya Biosciences by 16.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 67,468 shares of the company’s stock valued at $158,000 after purchasing an additional 9,429 shares during the last quarter. GSA Capital Partners LLP boosted its stake in Akoya Biosciences by 87.4% in the 3rd quarter. GSA Capital Partners LLP now owns 310,669 shares of the company’s stock worth $845,000 after purchasing an additional 144,903 shares in the last quarter. Finally, State Street Corp grew its position in Akoya Biosciences by 4.2% during the 3rd quarter. State Street Corp now owns 453,296 shares of the company’s stock worth $1,233,000 after purchasing an additional 18,361 shares during the last quarter. 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.