Short Interest in Akoya Biosciences, Inc. (NASDAQ:AKYA) Drops By 6.4%

Akoya Biosciences, Inc. (NASDAQ:AKYA) saw a significant drop in short interest in September. As of September 15th, there was short interest totalling 3,090,000 shares, a drop of 6.4% from the August 31st total of 3,300,000 shares. Currently, 14.0% of the company’s stock are sold short. Based on an average trading volume of 182,500 shares, the days-to-cover ratio is currently 16.9 days.

Institutional Trading of Akoya Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in AKYA. Regal Investment Advisors LLC boosted its stake in shares of Akoya Biosciences by 64.3% in the 2nd quarter. Regal Investment Advisors LLC now owns 18,760 shares of the company’s stock valued at $44,000 after purchasing an additional 7,340 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Akoya Biosciences by 16.2% during the second quarter. Bank of New York Mellon Corp now owns 67,468 shares of the company’s stock worth $158,000 after buying an additional 9,429 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Akoya Biosciences by 3.3% during the first quarter. Vanguard Group Inc. now owns 1,454,288 shares of the company’s stock worth $6,821,000 after buying an additional 46,131 shares in the last quarter. CIBC Asset Management Inc raised its stake in shares of Akoya Biosciences by 176.0% in the fourth quarter. CIBC Asset Management Inc now owns 115,644 shares of the company’s stock valued at $564,000 after acquiring an additional 73,737 shares during the last quarter. Finally, Parkman Healthcare Partners LLC boosted its holdings 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 worth $3,293,000 after acquiring an additional 149,164 shares in the last quarter. Institutional investors own 79.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the company. Morgan Stanley lowered Akoya Biosciences from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $4.00 to $3.00 in a research report on Tuesday, August 6th. JPMorgan Chase & Co. lowered Akoya Biosciences from an “overweight” rating to a “neutral” rating in a research report on Tuesday, August 6th. BTIG Research downgraded shares of Akoya Biosciences from a “buy” rating to a “neutral” rating in a research report on Tuesday, August 6th. Piper Sandler cut their price target on shares of Akoya Biosciences from $6.00 to $4.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. Finally, Craig Hallum decreased their price objective on shares of Akoya Biosciences from $7.50 to $7.00 and set a “buy” rating for the company in a report on Tuesday, August 6th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $6.56.

Akoya Biosciences Price Performance

Shares of NASDAQ:AKYA opened at $2.82 on Wednesday. The firm has a market cap of $139.27 million, a price-to-earnings ratio of -1.92 and a beta of 1.35. Akoya Biosciences has a 1 year low of $1.88 and a 1 year high of $6.31. 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 business has a fifty day simple moving average of $2.50 and a 200 day simple moving average of $2.94.

Akoya Biosciences (NASDAQ:AKYA) last announced its quarterly earnings results on Monday, August 5th. The company reported ($0.27) EPS for the quarter, hitting the consensus estimate of ($0.27). Akoya Biosciences had a negative net margin of 64.74% and a negative return on equity of 126.38%. The company had revenue of $23.16 million for the quarter, compared to analyst estimates of $23.61 million. During the same quarter in the prior year, the business posted ($0.51) EPS. As a group, sell-side analysts predict that Akoya Biosciences will post -0.98 earnings per share for the current fiscal year.

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.