Short Interest in Akoya Biosciences, Inc. (NASDAQ:AKYA) Declines By 30.8%

Akoya Biosciences, Inc. (NASDAQ:AKYA) was the recipient of a large decrease in short interest in the month of March. As of March 15th, there was short interest totalling 2,490,000 shares, a decrease of 30.8% from the February 28th total of 3,600,000 shares. Based on an average daily trading volume, of 639,800 shares, the short-interest ratio is currently 3.9 days. Currently, 12.0% of the company’s stock are short sold.

Akoya Biosciences Price Performance

Shares of AKYA opened at $1.39 on Tuesday. The firm has a market capitalization of $69.24 million, a price-to-earnings ratio of -1.18 and a beta of 1.32. The firm’s fifty day simple moving average is $2.08 and its 200-day simple moving average is $2.46. Akoya Biosciences has a twelve month low of $1.32 and a twelve month high of $4.69. The company has a current ratio of 2.75, a quick ratio of 1.85 and a debt-to-equity ratio of 5.62.

Akoya Biosciences (NASDAQ:AKYA) last posted its quarterly earnings results on Monday, March 17th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.02). The business had revenue of $21.34 million during the quarter, compared to analyst estimates of $21.34 million. Akoya Biosciences had a negative net margin of 66.77% and a negative return on equity of 162.99%. Equities analysts forecast that Akoya Biosciences will post -0.96 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

AKYA has been the subject of several recent research reports. Canaccord Genuity Group cut shares of Akoya Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Monday, January 13th. Piper Sandler lowered Akoya Biosciences from an “overweight” rating to a “neutral” rating and set a $2.40 target price for the company. in a report on Wednesday, March 5th. Finally, Stephens reissued an “equal weight” rating and set a $1.80 target price (down from $3.50) on shares of Akoya Biosciences in a research note on Tuesday, March 25th. Seven analysts have rated the stock with a hold rating, According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $3.62.

Hedge Funds Weigh In On Akoya Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp lifted its position in shares of Akoya Biosciences by 4.2% during 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. Barclays PLC grew its position 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 last quarter. SG Americas Securities LLC acquired a new stake in Akoya Biosciences during the 4th quarter worth $28,000. SVB Wealth LLC purchased a new stake in Akoya Biosciences in the fourth quarter valued at $1,180,000. Finally, Intech Investment Management LLC acquired a new position in Akoya Biosciences in the fourth quarter valued at $27,000. 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.