Akoya Biosciences (NASDAQ:AKYA) Price Target Cut to $3.50 by Analysts at Canaccord Genuity Group

Akoya Biosciences (NASDAQ:AKYA) had its target price lowered by Canaccord Genuity Group from $6.00 to $3.50 in a research note released on Friday morning,Benzinga reports. The firm currently has a buy rating on the stock.

AKYA has been the subject of several other research reports. Morgan Stanley lowered Akoya Biosciences from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $4.00 to $3.00 in a report on Tuesday, August 6th. Craig Hallum downgraded shares of Akoya Biosciences from a “buy” rating to a “hold” rating and lowered their price target for the company from $7.00 to $5.00 in a report on Friday. BTIG Research downgraded shares of Akoya Biosciences from a “buy” rating to a “neutral” rating in a research report on Tuesday, August 6th. JPMorgan Chase & Co. downgraded shares of Akoya Biosciences from an “overweight” rating to a “neutral” rating in a report on Tuesday, August 6th. Finally, Piper Sandler decreased their price target on Akoya Biosciences from $6.00 to $4.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $5.57.

Akoya Biosciences Stock Down 23.0 %

Shares of AKYA stock traded down $0.72 during mid-day trading on Friday, hitting $2.41. The company’s stock had a trading volume of 1,260,584 shares, compared to its average volume of 225,490. Akoya Biosciences has a 52-week low of $1.88 and a 52-week high of $6.31. The business has a 50-day moving average price of $2.91 and a 200 day moving average price of $2.65. The stock has a market cap of $119.29 million, a price-to-earnings ratio of -2.04 and a beta of 1.34. The company has a debt-to-equity ratio of 3.43, a quick ratio of 1.98 and a current ratio of 2.73.

Institutional Trading of Akoya Biosciences

A number of large investors have recently made changes to their positions in AKYA. Vanguard Group Inc. raised its position in Akoya Biosciences by 3.3% during the first quarter. Vanguard Group Inc. now owns 1,454,288 shares of the company’s stock valued at $6,821,000 after purchasing an additional 46,131 shares during the period. Silvercrest Asset Management Group LLC bought a new position in Akoya Biosciences during the first quarter valued at $2,724,000. State Street Corp raised its stake in shares of Akoya Biosciences by 4.2% in the third quarter. State Street Corp now owns 453,296 shares of the company’s stock valued at $1,233,000 after acquiring an additional 18,361 shares during the period. GSA Capital Partners LLP lifted its holdings in shares of Akoya Biosciences by 87.4% in the 3rd quarter. GSA Capital Partners LLP now owns 310,669 shares of the company’s stock worth $845,000 after acquiring an additional 144,903 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in shares of Akoya Biosciences by 16.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 67,468 shares of the company’s stock worth $158,000 after purchasing an additional 9,429 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.