Akoya Biosciences (NASDAQ:AKYA) Cut to Hold at Canaccord Genuity Group

Canaccord Genuity Group downgraded shares of Akoya Biosciences (NASDAQ:AKYA) from a strong-buy rating to a hold rating in a research note issued to investors on Monday morning,Zacks.com reports.

Several other equities research analysts also recently weighed in on AKYA. Craig Hallum downgraded Akoya Biosciences from a “buy” rating to a “hold” rating and reduced their price target for the stock from $7.00 to $5.00 in a report on Friday, November 15th. Piper Sandler reiterated an “overweight” rating and set a $3.00 target price (down from $4.00) on shares of Akoya Biosciences in a research report on Tuesday, November 19th. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, Akoya Biosciences presently has an average rating of “Hold” and an average price target of $5.43.

Akoya Biosciences Stock Performance

Shares of NASDAQ:AKYA opened at $2.75 on Monday. The company has a current ratio of 2.75, a quick ratio of 1.85 and a debt-to-equity ratio of 5.62. The company has a market capitalization of $136.30 million, a price-to-earnings ratio of -2.33 and a beta of 1.18. Akoya Biosciences has a 12 month low of $1.88 and a 12 month high of $6.31. The firm’s 50-day moving average is $2.48 and its 200 day moving average is $2.54.

Institutional Investors Weigh In On Akoya Biosciences

Hedge funds have recently made changes to their positions in the company. Regal Investment Advisors LLC raised its holdings 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 in the last quarter. Barclays PLC increased its position in Akoya Biosciences by 320.9% during the 3rd quarter. Barclays PLC now owns 39,472 shares of the company’s stock valued at $107,000 after purchasing an additional 30,095 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Akoya Biosciences by 16.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 67,468 shares of the company’s stock valued at $158,000 after purchasing an additional 9,429 shares in the last quarter. GSA Capital Partners LLP lifted its position 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 purchasing an additional 144,903 shares during the period. Finally, State Street Corp boosted its stake in shares of Akoya Biosciences by 4.2% during the third quarter. State Street Corp now owns 453,296 shares of the company’s stock valued at $1,233,000 after purchasing an additional 18,361 shares in the last quarter. 79.42% of the stock is currently owned by hedge funds and other institutional investors.

Akoya Biosciences Company Profile

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.