Akoya Biosciences (NASDAQ:AKYA) Price Target Cut to $13.00 by Analysts at Piper Sandler

Akoya Biosciences (NASDAQ:AKYA – Get Rating) had its target price lowered by Piper Sandler from $17.00 to $13.00 in a report published on Monday morning, The Fly reports.

Several other brokerages also recently commented on AKYA. Morgan Stanley reduced their target price on Akoya Biosciences from $18.00 to $17.00 and set an overweight rating for the company in a research note on Wednesday, March 8th. UBS Group began coverage on Akoya Biosciences in a research note on Thursday, February 2nd. They set a buy rating and a $14.00 price target for the company. Finally, BTIG Research cut their price target on Akoya Biosciences to $18.00 in a research note on Tuesday, November 15th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of Buy and an average price target of $16.17.

Akoya Biosciences Stock Performance

Shares of AKYA opened at $9.71 on Monday. The company has a debt-to-equity ratio of 1.09, a current ratio of 3.03 and a quick ratio of 2.64. The stock has a 50-day moving average of $11.15 and a 200-day moving average of $11.80. The company has a market cap of $372.28 million, a PE ratio of -5.16 and a beta of 1.08. Akoya Biosciences has a one year low of $8.02 and a one year high of $16.57.

Akoya Biosciences (NASDAQ:AKYA – Get Rating) last issued its earnings results on Monday, March 6th. The company reported ($0.50) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.09). The firm had revenue of $21.22 million during the quarter, compared to analyst estimates of $20.85 million. Akoya Biosciences had a negative net margin of 94.36% and a negative return on equity of 85.35%. During the same quarter in the prior year, the business earned ($0.47) earnings per share. On average, equities research analysts predict that Akoya Biosciences will post -1.71 EPS for the current fiscal year.

Insiders Place Their Bets

In other Akoya Biosciences news, CFO Joseph Driscoll sold 24,613 shares of Akoya Biosciences stock in a transaction that occurred on Wednesday, December 14th. The shares were sold at an average price of $12.54, for a total transaction of $308,647.02. Following the transaction, the chief financial officer now owns 12,500 shares of the company’s stock, valued at approximately $156,750. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 9.20% of the company’s stock.

Hedge Funds Weigh In On Akoya Biosciences

Hedge funds have recently modified their holdings of the company. New York State Common Retirement Fund lifted its position in shares of Akoya Biosciences by 187.7% during the 3rd quarter. New York State Common Retirement Fund now owns 11,739 shares of the company’s stock worth $138,000 after buying an additional 7,659 shares in the last quarter. RTW Investments LP raised its holdings in shares of Akoya Biosciences by 107.2% in the 3rd quarter. RTW Investments LP now owns 483,815 shares of the company’s stock worth $5,685,000 after purchasing an additional 250,258 shares during the period. CIBC Asset Management Inc bought a new stake in shares of Akoya Biosciences in the 3rd quarter worth approximately $2,979,000. Deutsche Bank AG raised its holdings in shares of Akoya Biosciences by 3,228.1% in the 2nd quarter. Deutsche Bank AG now owns 270,010 shares of the company’s stock worth $3,469,000 after purchasing an additional 261,897 shares during the period. Finally, State Board of Administration of Florida Retirement System bought a new stake in shares of Akoya Biosciences in the 2nd quarter worth approximately $131,000. Institutional investors own 34.61% of the company’s stock.

Akoya Biosciences Company Profile

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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.