Akoya Biosciences, Inc. (NASDAQ:AKYA) Short Interest Down 6.4% in September

Akoya Biosciences, Inc. (NASDAQ:AKYA) was the recipient of a large decline in short interest during the month of September. As of September 15th, there was short interest totalling 3,090,000 shares, a decline of 6.4% from the August 31st total of 3,300,000 shares. Based on an average trading volume of 182,500 shares, the days-to-cover ratio is presently 16.9 days. Currently, 14.0% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on AKYA shares. Morgan Stanley cut shares of Akoya Biosciences from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $4.00 to $3.00 in a research report on Tuesday, August 6th. Piper Sandler decreased their price objective on Akoya Biosciences from $6.00 to $4.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. Craig Hallum decreased their price target on Akoya Biosciences from $7.50 to $7.00 and set a “buy” rating for the company in a report 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. Finally, BTIG Research downgraded Akoya Biosciences from a “buy” rating to a “neutral” rating in a report on Tuesday, August 6th. Four research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.56.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Regal Investment Advisors LLC raised its stake in shares of Akoya Biosciences by 64.3% in the 2nd quarter. Regal Investment Advisors LLC now owns 18,760 shares of the company’s stock valued at $44,000 after purchasing an additional 7,340 shares during the period. Bank of New York Mellon Corp grew its position 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 in the last quarter. CIBC Asset Management Inc boosted its holdings in shares of Akoya Biosciences by 176.0% in the 4th quarter. CIBC Asset Management Inc now owns 115,644 shares of the company’s stock valued at $564,000 after purchasing an additional 73,737 shares in the last quarter. Silvercrest Asset Management Group LLC acquired a new stake in shares of Akoya Biosciences in the 1st quarter valued at $2,724,000. Finally, Parkman Healthcare Partners LLC boosted its holdings in shares of Akoya Biosciences by 28.4% in the 4th quarter. Parkman Healthcare Partners LLC now owns 674,787 shares of the company’s stock valued at $3,293,000 after purchasing an additional 149,164 shares in the last quarter. 79.42% of the stock is currently owned by institutional investors.

Akoya Biosciences Trading Down 4.9 %

Shares of NASDAQ AKYA opened at $2.72 on Tuesday. The company has a market cap of $134.33 million, a price-to-earnings ratio of -1.85 and a beta of 1.35. Akoya Biosciences has a 12 month low of $1.88 and a 12 month high of $6.31. The company has a quick ratio of 1.98, a current ratio of 2.73 and a debt-to-equity ratio of 3.43. The business has a fifty day simple moving average of $2.49 and a 200-day simple moving average of $2.95.

Akoya Biosciences (NASDAQ:AKYA) last announced its quarterly earnings data on Monday, August 5th. The company reported ($0.27) EPS for the quarter, hitting analysts’ consensus estimates of ($0.27). Akoya Biosciences had a negative return on equity of 126.38% and a negative net margin of 64.74%. The company had revenue of $23.16 million during the quarter, compared to the consensus estimate of $23.61 million. During the same quarter last year, the company earned ($0.51) EPS. Sell-side analysts predict that Akoya Biosciences will post -0.98 EPS for the current year.

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.