Akoya Biosciences, Inc. (NASDAQ:AKYA) Sees Large Decline in Short Interest

Akoya Biosciences, Inc. (NASDAQ:AKYA) was the target of a large decrease in short interest in the month of March. As of March 31st, there was short interest totalling 988,400 shares, a decrease of 5.9% from the March 15th total of 1,050,000 shares. Currently, 4.7% of the company’s shares are short sold. Based on an average daily volume of 203,800 shares, the days-to-cover ratio is presently 4.8 days.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on AKYA shares. Canaccord Genuity Group reiterated a “buy” rating and issued a $10.00 target price on shares of Akoya Biosciences in a report on Tuesday, March 5th. UBS Group increased their target price on Akoya Biosciences from $7.00 to $7.50 and gave the stock a “buy” rating in a report on Tuesday, March 5th. Finally, JPMorgan Chase & Co. cut their target price on Akoya Biosciences from $12.00 to $10.00 and set an “overweight” rating on the stock in a report on Wednesday, March 6th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $9.07.

Akoya Biosciences Trading Down 0.7 %

NASDAQ AKYA opened at $3.98 on Wednesday. Akoya Biosciences has a 12 month low of $3.04 and a 12 month high of $8.80. The firm has a market capitalization of $195.58 million, a P/E ratio of -2.69 and a beta of 1.48. The business has a fifty day simple moving average of $5.06 and a 200 day simple moving average of $4.64. The company has a current ratio of 3.45, a quick ratio of 2.94 and a debt-to-equity ratio of 1.41.

Akoya Biosciences (NASDAQ:AKYA) last announced its earnings results on Monday, March 4th. The company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.27) by $0.05. Akoya Biosciences had a negative return on equity of 110.24% and a negative net margin of 65.53%. The firm had revenue of $26.49 million during the quarter, compared to analyst estimates of $26.12 million. During the same period last year, the firm posted ($0.50) EPS. On average, analysts predict that Akoya Biosciences will post -0.86 EPS for the current fiscal year.

Insider Buying and Selling at Akoya Biosciences

In other Akoya Biosciences news, CEO Brian Mckelligon sold 7,500 shares of the stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $4.97, for a total transaction of $37,275.00. Following the transaction, the chief executive officer now directly owns 231,868 shares in the company, valued at approximately $1,152,383.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On Akoya Biosciences

Large investors have recently made changes to their positions in the business. Lazard Asset Management LLC purchased a new stake in Akoya Biosciences in the 4th quarter worth about $36,000. UBS Group AG increased its holdings in Akoya Biosciences by 154.9% in the 1st quarter. UBS Group AG now owns 4,158 shares of the company’s stock worth $34,000 after acquiring an additional 2,527 shares during the last quarter. Barclays PLC increased its holdings in Akoya Biosciences by 533.0% in the 4th quarter. Barclays PLC now owns 4,235 shares of the company’s stock worth $40,000 after acquiring an additional 3,566 shares during the last quarter. Citigroup Inc. purchased a new stake in Akoya Biosciences in the 2nd quarter worth about $40,000. Finally, Nisa Investment Advisors LLC boosted its stake in Akoya Biosciences by 10,169.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 6,059 shares of the company’s stock worth $30,000 after purchasing an additional 6,000 shares during the period. 79.42% of the stock is owned by hedge funds and other institutional investors.

Akoya Biosciences Company Profile

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.