Craig Hallum Downgrades Akoya Biosciences (NASDAQ:AKYA) to Hold

Akoya Biosciences (NASDAQ:AKYA) was downgraded by equities research analysts at Craig Hallum from a “buy” rating to a “hold” rating in a research note issued to investors on Friday, Marketbeat Ratings reports. They currently have a $5.00 price objective on the stock, down from their previous price objective of $7.00. Craig Hallum’s price target would suggest a potential upside of 107.47% from the stock’s previous close.

Other analysts have also issued reports about the stock. Piper Sandler reduced their price target on shares of Akoya Biosciences from $6.00 to $4.00 and set an “overweight” rating for the company in a research note on Tuesday, August 13th. JPMorgan Chase & Co. cut shares of Akoya Biosciences from an “overweight” rating to a “neutral” rating in a report on Tuesday, August 6th. Morgan Stanley lowered shares of Akoya Biosciences from an “overweight” rating to an “equal weight” rating and decreased their target price for the company from $4.00 to $3.00 in a research note on Tuesday, August 6th. Finally, BTIG Research downgraded Akoya Biosciences from a “buy” rating to a “neutral” rating in a research note on Tuesday, August 6th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Akoya Biosciences presently has an average rating of “Hold” and a consensus target price of $5.57.

Akoya Biosciences Trading Down 23.0 %

Akoya Biosciences stock opened at $2.41 on Friday. Akoya Biosciences has a one year low of $1.88 and a one year high of $6.31. The business’s fifty day moving average is $2.91 and its 200 day moving average is $2.64. The stock has a market capitalization of $119.29 million, a PE ratio of -2.04 and a beta of 1.34. The company has a debt-to-equity ratio of 3.43, a current ratio of 2.73 and a quick ratio of 1.98.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in shares of Akoya Biosciences by 3.3% in the 1st quarter. Vanguard Group Inc. now owns 1,454,288 shares of the company’s stock worth $6,821,000 after purchasing an additional 46,131 shares in the last quarter. Silvercrest Asset Management Group LLC purchased a new stake in Akoya Biosciences in the first quarter worth about $2,724,000. State Street Corp increased its position in Akoya Biosciences by 4.2% in the third quarter. State Street Corp now owns 453,296 shares of the company’s stock worth $1,233,000 after buying an additional 18,361 shares in the last quarter. GSA Capital Partners LLP raised its stake in shares of Akoya Biosciences by 87.4% in the third quarter. GSA Capital Partners LLP now owns 310,669 shares of the company’s stock worth $845,000 after buying an additional 144,903 shares during the period. Finally, Bank of New York Mellon Corp lifted its position 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 valued at $158,000 after buying an additional 9,429 shares in the last quarter. Hedge funds and other institutional investors own 79.42% of the company’s stock.

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.