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

Akoya Biosciences (NASDAQ:AKYA - Get Free Report) had its price objective reduced by stock analysts at Canaccord Genuity Group from $6.00 to $3.50 in a research note issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 45.23% from the company's previous close.

AKYA has been the topic of a number of other research reports. Morgan Stanley cut Akoya Biosciences from an "overweight" rating to an "equal weight" rating and reduced their price objective for the stock from $4.00 to $3.00 in a research note on Tuesday, August 6th. BTIG Research cut Akoya Biosciences from a "buy" rating to a "neutral" rating in a report on Tuesday, August 6th. JPMorgan Chase & Co. downgraded shares of Akoya Biosciences from an "overweight" rating to a "neutral" rating in a research report on Tuesday, August 6th. Craig Hallum cut shares of Akoya Biosciences from a "buy" rating to a "hold" rating and reduced their target price for the stock from $7.00 to $5.00 in a research report on Friday. Finally, Piper Sandler lowered their price target on shares of Akoya Biosciences from $6.00 to $4.00 and set an "overweight" rating for the company 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 MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $5.57.

Akoya Biosciences Trading Down 23.0 %

Shares of Akoya Biosciences stock traded down $0.72 during trading hours on Friday, hitting $2.41. The company's stock had a trading volume of 1,260,474 shares, compared to its average volume of 225,490. The business has a fifty day moving average of $2.91 and a 200 day moving average of $2.66. Akoya Biosciences has a 1-year low of $1.88 and a 1-year high of $6.31. The company has a quick ratio of 1.98, a current ratio of 2.73 and a debt-to-equity ratio of 3.43. The company has a market capitalization of $119.29 million, a PE ratio of -2.00 and a beta of 1.34.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in AKYA. Vanguard Group Inc. increased its holdings 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 valued at $6,821,000 after acquiring an additional 46,131 shares during the last quarter. Silvercrest Asset Management Group LLC bought a new stake in Akoya Biosciences during the first quarter valued at $2,724,000. State Street Corp lifted its position in shares of Akoya Biosciences by 4.2% in the 3rd 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 during the last quarter. GSA Capital Partners LLP grew its position in shares of 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 buying an additional 144,903 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in 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 acquiring an additional 9,429 shares during the last quarter. 79.42% of the stock is owned by institutional investors and hedge funds.

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.