Akoya Biosciences, Inc. (NASDAQ:AKYA) Short Interest Down 20.8% in October

Akoya Biosciences, Inc. (NASDAQ:AKYA) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 1,600,000 shares, a decline of 20.8% from the October 15th total of 2,020,000 shares. Approximately 7.8% of the shares of the stock are sold short. Based on an average daily trading volume, of 132,000 shares, the days-to-cover ratio is currently 12.1 days.

Institutional Investors Weigh In On Akoya Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Regal Investment Advisors LLC boosted 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 worth $44,000 after buying an additional 7,340 shares during the last quarter. Barclays PLC lifted its holdings in Akoya Biosciences by 320.9% during the third quarter. Barclays PLC now owns 39,472 shares of the company’s stock worth $107,000 after acquiring an additional 30,095 shares during the period. Bank of New York Mellon Corp boosted its position in Akoya Biosciences by 16.2% in the second quarter. Bank of New York Mellon Corp now owns 67,468 shares of the company’s stock worth $158,000 after purchasing an additional 9,429 shares during the last quarter. GSA Capital Partners LLP grew 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 valued at $845,000 after purchasing an additional 144,903 shares during the period. Finally, State Street Corp increased its position in shares of Akoya Biosciences by 4.2% during the 3rd quarter. State Street Corp now owns 453,296 shares of the company’s stock valued at $1,233,000 after purchasing an additional 18,361 shares during the last quarter. Hedge funds and other institutional investors own 79.42% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Canaccord Genuity Group dropped their price target on Akoya Biosciences from $6.00 to $3.50 and set a “buy” rating for the company in a research note on Friday. Piper Sandler lowered their target price on Akoya Biosciences from $6.00 to $4.00 and set an “overweight” rating for the company in a report on Tuesday, August 13th. Morgan Stanley lowered Akoya Biosciences from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $4.00 to $3.00 in a research note on Tuesday, August 6th. Craig Hallum downgraded Akoya Biosciences from a “buy” rating to a “hold” rating and lowered their price objective for the company from $7.00 to $5.00 in a research note on Friday. Finally, BTIG Research downgraded shares of Akoya Biosciences from a “buy” rating to a “neutral” rating in a research report on Tuesday, August 6th. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Akoya Biosciences has an average rating of “Hold” and a consensus price target of $5.57.

Akoya Biosciences Stock Performance

Shares of AKYA stock opened at $2.41 on Friday. The company has a debt-to-equity ratio of 3.43, a current ratio of 2.73 and a quick ratio of 1.98. The firm has a 50-day moving average of $2.91 and a 200-day moving average of $2.64. Akoya Biosciences has a one year low of $1.88 and a one year high of $6.31. The company has a market cap of $119.29 million, a P/E ratio of -2.04 and a beta of 1.34.

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.