Analysts Set Akoya Biosciences, Inc. (NASDAQ:AKYA) Target Price at $9.07

Shares of Akoya Biosciences, Inc. (NASDAQ:AKYA) have received a consensus recommendation of “Moderate Buy” from the seven brokerages that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $9.07.

Several brokerages have recently weighed in on AKYA. Canaccord Genuity Group reissued a “buy” rating and set a $10.00 price target on shares of Akoya Biosciences in a research report on Tuesday, March 5th. JPMorgan Chase & Co. lowered their price target on shares of Akoya Biosciences from $12.00 to $10.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 6th. Finally, UBS Group boosted their price target on shares of Akoya Biosciences from $7.00 to $7.50 and gave the company a “buy” rating in a research report on Tuesday, March 5th.

Akoya Biosciences Price Performance

Akoya Biosciences stock opened at $3.80 on Wednesday. Akoya Biosciences has a 52-week low of $3.04 and a 52-week high of $8.80. The firm has a market capitalization of $187.64 million, a price-to-earnings ratio of -2.57 and a beta of 1.48. The company has a fifty day simple moving average of $4.74 and a 200-day simple moving average of $4.63. The company has a quick ratio of 2.94, a current ratio of 3.45 and a debt-to-equity ratio of 1.41.

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

Insiders Place Their Bets

In other Akoya Biosciences news, CEO Brian Mckelligon sold 7,500 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $4.97, for a total transaction of $37,275.00. Following the sale, the chief executive officer now directly owns 231,868 shares in the company, valued at $1,152,383.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.50% of the company’s stock.

Institutional Investors Weigh In On Akoya Biosciences

Large investors have recently modified their holdings of the company. Parkman Healthcare Partners LLC lifted its holdings in Akoya Biosciences by 28.4% in the fourth quarter. Parkman Healthcare Partners LLC now owns 674,787 shares of the company’s stock valued at $3,293,000 after acquiring an additional 149,164 shares during the period. Tower Research Capital LLC TRC increased its position in shares of Akoya Biosciences by 291.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,408 shares of the company’s stock valued at $51,000 after buying an additional 7,746 shares in the last quarter. CIBC Asset Management Inc increased its position in Akoya Biosciences by 176.0% during the 4th quarter. CIBC Asset Management Inc now owns 115,644 shares of the company’s stock worth $564,000 after purchasing an additional 73,737 shares in the last quarter. Peddock Capital Advisors LLC increased its position in Akoya Biosciences by 546.2% during the 4th quarter. Peddock Capital Advisors LLC now owns 290,720 shares of the company’s stock worth $1,419,000 after purchasing an additional 245,728 shares in the last quarter. Finally, Nisa Investment Advisors LLC increased its position in Akoya Biosciences by 10,169.5% during 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 in the last quarter. 79.42% of the stock is owned by institutional investors and hedge funds.

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.