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

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Regal Investment Advisors LLC raised its holdings 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 buying an additional 7,340 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of 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 valued at $158,000 after buying an additional 9,429 shares during the last quarter. CIBC Asset Management Inc increased 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 worth $564,000 after acquiring an additional 73,737 shares in the last quarter. Silvercrest Asset Management Group LLC acquired a new stake in shares of Akoya Biosciences in the 1st quarter worth about $2,724,000. Finally, Parkman Healthcare Partners LLC lifted its position in 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 acquiring an additional 149,164 shares in the last quarter. Institutional investors own 79.42% of the company’s stock.

Akoya Biosciences Trading Up 3.7 %

AKYA opened at $2.82 on Wednesday. The company has a debt-to-equity ratio of 3.43, a current ratio of 2.73 and a quick ratio of 1.98. Akoya Biosciences has a fifty-two week low of $1.88 and a fifty-two week high of $6.31. The company’s 50 day moving average price is $2.50 and its two-hundred day moving average price is $2.94. The firm has a market capitalization of $139.27 million, a price-to-earnings ratio of -1.92 and a beta of 1.35.

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

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on AKYA shares. Morgan Stanley lowered Akoya Biosciences from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $4.00 to $3.00 in a research report on Tuesday, August 6th. BTIG Research lowered Akoya Biosciences from a “buy” rating to a “neutral” rating in a research 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. Piper Sandler reduced their price objective 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. Finally, Craig Hallum lowered their target price on shares of Akoya Biosciences from $7.50 to $7.00 and set a “buy” rating for the company in a research note on Tuesday, August 6th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $6.56.

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.