Akoya Biosciences, Inc. (NASDAQ:AKYA) Sees Large Decline in Short Interest

Akoya Biosciences, Inc. (NASDAQ:AKYA) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 1,600,000 shares, a drop of 20.8% from the October 15th total of 2,020,000 shares. Based on an average daily volume of 132,000 shares, the short-interest ratio is presently 12.1 days. Currently, 7.8% of the company’s stock are short sold.

Akoya Biosciences Price Performance

Shares of AKYA opened at $3.13 on Friday. 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 1-year low of $1.88 and a 1-year high of $6.31. The stock has a market cap of $154.94 million, a PE ratio of -2.54 and a beta of 1.34. The firm has a fifty day moving average price of $2.91 and a 200 day moving average price of $2.66.

Institutional Trading of Akoya Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in AKYA. Silvercrest Asset Management Group LLC acquired a new position in Akoya Biosciences during the first quarter worth approximately $2,724,000. GSA Capital Partners LLP increased its holdings in shares of Akoya Biosciences by 87.4% in the 3rd quarter. GSA Capital Partners LLP now owns 310,669 shares of the company’s stock valued at $845,000 after acquiring an additional 144,903 shares during the period. Vanguard Group Inc. raised its position in 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 purchasing an additional 46,131 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Akoya Biosciences by 16.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 67,468 shares of the company’s stock worth $158,000 after purchasing an additional 9,429 shares during the period. Finally, Regal Investment Advisors LLC grew its position in Akoya Biosciences by 64.3% during the 2nd quarter. Regal Investment Advisors LLC now owns 18,760 shares of the company’s stock worth $44,000 after purchasing an additional 7,340 shares during the last quarter. 79.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on AKYA. Morgan Stanley lowered Akoya Biosciences from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $4.00 to $3.00 in a research report on Tuesday, August 6th. 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. BTIG Research lowered shares of Akoya Biosciences from a “buy” rating to a “neutral” rating in a report on Tuesday, August 6th. 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. Finally, JPMorgan Chase & Co. cut Akoya Biosciences from an “overweight” rating to a “neutral” rating in a research note on Tuesday, August 6th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $6.21.

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.