Canaccord Genuity Group Cuts Akoya Biosciences (NASDAQ:AKYA) Price Target to $3.50

Akoya Biosciences (NASDAQ:AKYA) had its target price decreased by analysts at Canaccord Genuity Group from $6.00 to $3.50 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would indicate a potential upside of 45.23% from the stock’s previous close.

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

Akoya Biosciences Stock Down 23.0 %

Shares of NASDAQ AKYA opened at $2.41 on Friday. The company has a current ratio of 2.73, a quick ratio of 1.98 and a debt-to-equity ratio of 3.43. The business has a 50-day moving average of $2.91 and a 200-day moving average of $2.64. The firm has a market capitalization of $119.29 million, a price-to-earnings ratio of -2.04 and a beta of 1.34. Akoya Biosciences has a 12 month low of $1.88 and a 12 month high of $6.31.

Hedge Funds Weigh In On Akoya Biosciences

A number of large investors have recently bought and sold shares of the stock. Regal Investment Advisors LLC grew its holdings in shares of Akoya Biosciences by 64.3% in the second 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 during the last quarter. Barclays PLC raised its holdings in Akoya Biosciences by 320.9% during the 3rd quarter. Barclays PLC now owns 39,472 shares of the company’s stock valued at $107,000 after buying an additional 30,095 shares during the last quarter. Bank of New York Mellon Corp boosted 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 valued at $158,000 after buying an additional 9,429 shares during the period. GSA Capital Partners LLP grew its holdings 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 acquiring an additional 144,903 shares during the last quarter. Finally, State Street Corp increased its position 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 acquiring an additional 18,361 shares during the period. 79.42% of the stock is owned by hedge funds and other institutional investors.

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.