Stephens Reaffirms “Overweight” Rating for Akoya Biosciences (NASDAQ:AKYA)

Akoya Biosciences (NASDAQ:AKYA)‘s stock had its “overweight” rating reiterated by investment analysts at Stephens in a report released on Tuesday,Benzinga reports. They presently have a $3.50 price target on the stock. Stephens’ price target suggests a potential upside of 108.33% from the stock’s current price.

Several other brokerages have also recently commented on AKYA. Piper Sandler cut Akoya Biosciences from an “overweight” rating to a “neutral” rating and set a $2.40 target price on the stock. in a report on Wednesday, March 5th. Canaccord Genuity Group cut Akoya Biosciences from a “strong-buy” rating to a “hold” rating in a report on Monday, January 13th. Six analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, Akoya Biosciences presently has an average rating of “Hold” and an average price target of $3.90.

Akoya Biosciences Stock Performance

NASDAQ:AKYA opened at $1.68 on Tuesday. The stock has a market cap of $83.28 million, a P/E ratio of -1.42 and a beta of 1.32. The company has a current ratio of 2.75, a quick ratio of 1.85 and a debt-to-equity ratio of 5.62. The stock’s 50-day moving average is $2.28 and its 200-day moving average is $2.51. Akoya Biosciences has a 1-year low of $1.39 and a 1-year high of $5.16.

Akoya Biosciences (NASDAQ:AKYA) last announced its earnings results on Monday, March 17th. The company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.15) by ($0.02). Akoya Biosciences had a negative net margin of 66.77% and a negative return on equity of 162.99%. The company had revenue of $21.34 million during the quarter, compared to the consensus estimate of $21.34 million. Equities research analysts anticipate that Akoya Biosciences will post -0.96 earnings per share for the current year.

Hedge Funds Weigh In On Akoya Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the business. Intech Investment Management LLC acquired a new position in shares of Akoya Biosciences during the fourth quarter worth approximately $27,000. SG Americas Securities LLC acquired a new position in shares of Akoya Biosciences during the fourth quarter worth approximately $28,000. Price T Rowe Associates Inc. MD acquired a new position in shares of Akoya Biosciences during the fourth quarter worth approximately $31,000. Bank of America Corp DE raised its position in shares of Akoya Biosciences by 39.6% during the fourth quarter. Bank of America Corp DE now owns 29,092 shares of the company’s stock worth $67,000 after purchasing an additional 8,258 shares during the period. Finally, Barclays PLC raised its position in shares of 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 purchasing an additional 30,095 shares during the period. 79.42% of the stock is currently owned by 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.