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

Akoya Biosciences (NASDAQ:AKYA) had its target price lowered by stock analysts at Canaccord Genuity Group from $6.00 to $3.50 in a report released on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 45.23% from the stock’s previous close.

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

Akoya Biosciences Price Performance

Shares of NASDAQ:AKYA opened at $2.41 on Friday. The company has a market capitalization of $119.29 million, a P/E ratio of -2.04 and a beta of 1.34. The company’s 50-day moving average is $2.91 and its 200 day moving average is $2.64. The company has a debt-to-equity ratio of 3.43, a quick ratio of 1.98 and a current ratio of 2.73. Akoya Biosciences has a fifty-two week low of $1.88 and a fifty-two week high of $6.31.

Hedge Funds Weigh In On Akoya Biosciences

A number of large investors have recently made changes to their positions in AKYA. Silvercrest Asset Management Group LLC purchased a new stake in Akoya Biosciences during the 1st quarter worth about $2,724,000. Vanguard Group Inc. increased its position in shares of 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 buying an additional 46,131 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of Akoya Biosciences by 16.2% in the second quarter. Bank of New York Mellon Corp now owns 67,468 shares of the company’s stock worth $158,000 after buying an additional 9,429 shares in the last quarter. Regal Investment Advisors LLC boosted its position in shares of Akoya Biosciences by 64.3% in the second quarter. Regal Investment Advisors LLC now owns 18,760 shares of the company’s stock valued at $44,000 after acquiring an additional 7,340 shares during the period. Finally, Barclays PLC grew its stake in Akoya Biosciences by 320.9% during the third quarter. Barclays PLC now owns 39,472 shares of the company’s stock valued at $107,000 after acquiring an additional 30,095 shares in the last quarter. 79.42% of the stock is 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.