Akoya Biosciences (NASDAQ:AKYA) Downgraded by JPMorgan Chase & Co. to Neutral

JPMorgan Chase & Co. lowered shares of Akoya Biosciences (NASDAQ:AKYA) from an overweight rating to a neutral rating in a research note issued to investors on Tuesday morning, Marketbeat reports.

AKYA has been the subject of a number of other reports. BTIG Research decreased their price objective on Akoya Biosciences from $9.00 to $6.00 and set a buy rating for the company in a research note on Tuesday, May 14th. Canaccord Genuity Group decreased their price objective on shares of Akoya Biosciences from $10.00 to $6.00 and set a buy rating for the company in a research report on Tuesday, May 14th. Craig Hallum initiated coverage on shares of Akoya Biosciences in a report on Friday, June 21st. They issued a buy rating and a $7.50 price target for the company. Finally, Morgan Stanley dropped their target price on shares of Akoya Biosciences from $8.00 to $4.00 and set an overweight rating on the stock in a report on Monday, June 3rd. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Akoya Biosciences currently has a consensus rating of Moderate Buy and an average target price of $7.06.

Akoya Biosciences Stock Performance

Shares of AKYA traded up $0.11 on Tuesday, reaching $2.20. 231,219 shares of the company’s stock traded hands, compared to its average volume of 260,934. The stock’s 50 day simple moving average is $2.26 and its two-hundred day simple moving average is $3.70. Akoya Biosciences has a 52-week low of $1.88 and a 52-week high of $6.36. The stock has a market cap of $108.65 million, a PE ratio of -1.50 and a beta of 1.34. The company has a current ratio of 3.07, a quick ratio of 2.38 and a debt-to-equity ratio of 2.33.

Akoya Biosciences (NASDAQ:AKYA) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.27) EPS for the quarter, meeting the consensus estimate of ($0.27). The business had revenue of $23.16 million during the quarter, compared to analyst estimates of $23.61 million. Akoya Biosciences had a negative net margin of 72.68% and a negative return on equity of 111.80%. During the same quarter in the previous year, the business posted ($0.51) EPS. On average, analysts forecast that Akoya Biosciences will post -0.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Akoya Biosciences

Several hedge funds and other institutional investors have recently modified their holdings of AKYA. Silvercrest Asset Management Group LLC purchased a new stake in Akoya Biosciences in the first quarter worth about $2,724,000. Peddock Capital Advisors LLC raised its position in shares of Akoya Biosciences by 546.2% in the 4th quarter. Peddock Capital Advisors LLC now owns 290,720 shares of the company’s stock worth $1,419,000 after acquiring an additional 245,728 shares in the last quarter. Parkman Healthcare Partners LLC lifted its stake in shares of Akoya Biosciences by 28.4% in the 4th quarter. Parkman Healthcare Partners LLC now owns 674,787 shares of the company’s stock valued at $3,293,000 after purchasing an additional 149,164 shares during the period. CIBC Asset Management Inc boosted its position in shares of Akoya Biosciences by 176.0% during the fourth quarter. CIBC Asset Management Inc now owns 115,644 shares of the company’s stock valued at $564,000 after purchasing an additional 73,737 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in Akoya Biosciences by 3.3% in the first 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 during the period. 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.