Akoya Biosciences, Inc. (NASDAQ:AKYA) Sees Significant Decrease in Short Interest

Akoya Biosciences, Inc. (NASDAQ:AKYA) was the recipient of a large drop in short interest in October. As of October 15th, there was short interest totalling 2,020,000 shares, a drop of 14.4% from the September 30th total of 2,360,000 shares. Currently, 9.1% of the shares of the stock are short sold. Based on an average trading volume of 153,000 shares, the days-to-cover ratio is currently 13.2 days.

Institutional Investors Weigh In On Akoya Biosciences

Several hedge funds have recently modified their holdings of the stock. Regal Investment Advisors LLC lifted its position in Akoya Biosciences by 64.3% during the second 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. Bank of New York Mellon Corp lifted 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 valued at $158,000 after buying an additional 9,429 shares in the last quarter. Vanguard Group Inc. lifted its position in Akoya Biosciences by 3.3% during the first quarter. Vanguard Group Inc. now owns 1,454,288 shares of the company’s stock valued at $6,821,000 after buying an additional 46,131 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC acquired a new position in Akoya Biosciences during the first quarter valued at approximately $2,724,000. 79.42% of the stock is owned by institutional investors and hedge funds.

Akoya Biosciences Price Performance

AKYA opened at $2.85 on Wednesday. The company’s 50 day simple moving average is $2.77 and its 200 day simple moving average is $2.71. 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 stock has a market capitalization of $140.75 million, a PE ratio of -1.94 and a beta of 1.36.

Akoya Biosciences (NASDAQ:AKYA) last released its earnings results on Monday, August 5th. The company reported ($0.27) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.27). Akoya Biosciences had a negative net margin of 64.74% and a negative return on equity of 126.38%. The business had revenue of $23.16 million for the quarter, compared to analysts’ expectations of $23.61 million. During the same period last year, the company earned ($0.51) earnings per share. As a group, sell-side analysts expect that Akoya Biosciences will post -0.98 EPS for the current year.

Analyst Ratings Changes

AKYA has been the subject of several recent research reports. JPMorgan Chase & Co. downgraded shares of Akoya Biosciences from an “overweight” rating to a “neutral” rating in a report on Tuesday, August 6th. Craig Hallum lowered their price target on shares of Akoya Biosciences from $7.50 to $7.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Morgan Stanley downgraded shares of Akoya Biosciences from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $4.00 to $3.00 in a report on Tuesday, August 6th. BTIG Research downgraded shares of Akoya Biosciences from a “buy” rating to a “neutral” rating in a report on Tuesday, August 6th. Finally, Piper Sandler lowered 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. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $6.56.

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.