Canaccord Genuity Group Issues Pessimistic Forecast for Akoya Biosciences (NASDAQ:AKYA) Stock Price

Akoya Biosciences (NASDAQ:AKYA) had its target price reduced by Canaccord Genuity Group from $1.80 to $1.08 in a research report report published on Monday morning,Benzinga reports. Canaccord Genuity Group currently has a hold rating on the stock.

Several other equities analysts also recently commented on AKYA. Piper Sandler dropped their price objective on Akoya Biosciences from $2.40 to $1.65 and set a “neutral” rating on the stock in a research note on Monday, April 14th. Stephens reissued an “equal weight” rating and set a $1.80 target price (down previously from $3.50) on shares of Akoya Biosciences in a report on Tuesday, March 25th. Seven analysts have rated the stock with a hold rating, According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $2.51.

Akoya Biosciences Price Performance

Akoya Biosciences stock opened at $1.05 on Monday. Akoya Biosciences has a 52 week low of $0.93 and a 52 week high of $3.42. The company’s 50 day moving average price is $1.27 and its two-hundred day moving average price is $2.02. The company has a quick ratio of 1.85, a current ratio of 2.75 and a debt-to-equity ratio of 5.62. The stock has a market cap of $52.37 million, a P/E ratio of -0.89 and a beta of 1.34.

Akoya Biosciences (NASDAQ:AKYA) last posted its quarterly earnings results on Monday, May 12th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.03). Akoya Biosciences had a negative return on equity of 162.99% and a negative net margin of 66.77%. The company had revenue of $16.64 million during the quarter, compared to the consensus estimate of $20.19 million. On average, equities analysts predict that Akoya Biosciences will post -0.96 earnings per share for the current year.

Institutional Trading of Akoya Biosciences

Several institutional investors have recently added to or reduced their stakes in the business. SVB Wealth LLC purchased a new stake in shares of Akoya Biosciences during the fourth quarter worth about $1,180,000. Nuveen LLC purchased a new stake in Akoya Biosciences in the first quarter worth about $547,000. Virtu Financial LLC purchased a new stake in Akoya Biosciences in the first quarter worth about $142,000. Invesco Ltd. purchased a new stake in Akoya Biosciences in the first quarter worth about $63,000. Finally, Deutsche Bank AG lifted its holdings in Akoya Biosciences by 404.1% in the fourth quarter. Deutsche Bank AG now owns 54,788 shares of the company’s stock worth $125,000 after buying an additional 43,920 shares during the period. 79.42% of the stock is currently owned by hedge funds and other 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.