Canaccord Genuity Group Cuts Akoya Biosciences (NASDAQ:AKYA) Price Target to $3.50

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

Other equities analysts also recently issued research reports about the company. JPMorgan Chase & Co. downgraded Akoya Biosciences from an “overweight” rating to a “neutral” rating in a research report on Tuesday, August 6th. Morgan Stanley cut shares of Akoya Biosciences from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $4.00 to $3.00 in a research report on Tuesday, August 6th. Piper Sandler reduced their target price on shares of Akoya Biosciences from $6.00 to $4.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 13th. BTIG Research cut shares of Akoya Biosciences from a “buy” rating to a “neutral” rating in a research note on Tuesday, August 6th. Finally, Craig Hallum lowered shares of Akoya Biosciences from a “buy” rating to a “hold” rating and reduced their price target for the company from $7.00 to $5.00 in a research report on Friday. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $5.57.

Akoya Biosciences Stock Performance

AKYA opened at $2.41 on Friday. Akoya Biosciences has a twelve month low of $1.88 and a twelve month high of $6.31. The firm has a market capitalization of $119.30 million, a PE ratio of -2.04 and a beta of 1.34. The company has a current ratio of 2.73, a quick ratio of 1.98 and a debt-to-equity ratio of 3.43. The firm’s 50-day moving average price is $2.91 and its 200 day moving average price is $2.63.

Hedge Funds Weigh In On Akoya Biosciences

A number of hedge funds have recently made changes to their positions in the stock. Regal Investment Advisors LLC lifted its stake in Akoya Biosciences by 64.3% during the second quarter. Regal Investment Advisors LLC now owns 18,760 shares of the company’s stock worth $44,000 after purchasing an additional 7,340 shares in the last quarter. Barclays PLC raised its holdings in shares of Akoya Biosciences by 320.9% in the 3rd quarter. Barclays PLC now owns 39,472 shares of the company’s stock valued at $107,000 after buying an additional 30,095 shares during the period. Bank of New York Mellon Corp lifted its stake in 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 acquiring an additional 9,429 shares in the last quarter. GSA Capital Partners LLP boosted its holdings in Akoya Biosciences by 87.4% during the 3rd quarter. GSA Capital Partners LLP now owns 310,669 shares of the company’s stock valued at $845,000 after acquiring an additional 144,903 shares during the period. Finally, State Street Corp grew its position in Akoya Biosciences by 4.2% in the 3rd 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 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.