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

Akoya Biosciences, Inc. (NASDAQ:AKYA) saw a significant decrease in short interest in March. As of March 31st, there was short interest totalling 988,400 shares, a decrease of 5.9% from the March 15th total of 1,050,000 shares. Based on an average daily trading volume, of 203,800 shares, the short-interest ratio is currently 4.8 days. Currently, 4.7% of the shares of the stock are sold short.

Insider Buying and Selling at Akoya Biosciences

In related news, CEO Brian Mckelligon sold 7,500 shares of the company’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $4.97, for a total transaction of $37,275.00. Following the transaction, the chief executive officer now directly owns 231,868 shares of the company’s stock, valued at $1,152,383.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 8.50% of the stock is owned by corporate insiders.

Institutional Trading of Akoya Biosciences

A number of hedge funds have recently bought and sold shares of the stock. American International Group Inc. boosted its holdings in Akoya Biosciences by 10.8% in the 2nd quarter. American International Group Inc. now owns 7,381 shares of the company’s stock valued at $95,000 after purchasing an additional 718 shares during the period. JPMorgan Chase & Co. raised its stake in shares of Akoya Biosciences by 34.0% in the 2nd quarter. JPMorgan Chase & Co. now owns 8,431 shares of the company’s stock valued at $108,000 after buying an additional 2,138 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Akoya Biosciences by 1.9% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 125,216 shares of the company’s stock valued at $1,198,000 after buying an additional 2,350 shares in the last quarter. UBS Group AG raised its stake in shares of Akoya Biosciences by 154.9% in the 1st quarter. UBS Group AG now owns 4,158 shares of the company’s stock valued at $34,000 after buying an additional 2,527 shares in the last quarter. Finally, Deutsche Bank AG increased its position in shares of Akoya Biosciences by 34.3% during the 1st quarter. Deutsche Bank AG now owns 10,435 shares of the company’s stock worth $85,000 after purchasing an additional 2,665 shares in the last quarter. 79.42% of the stock is owned by institutional investors.

Akoya Biosciences Price Performance

NASDAQ AKYA opened at $3.98 on Wednesday. The company has a current ratio of 3.45, a quick ratio of 2.94 and a debt-to-equity ratio of 1.41. The company has a fifty day simple moving average of $5.06 and a 200 day simple moving average of $4.64. The company has a market cap of $195.58 million, a P/E ratio of -2.69 and a beta of 1.48. Akoya Biosciences has a 1 year low of $3.04 and a 1 year high of $8.80.

Akoya Biosciences (NASDAQ:AKYA) last posted its quarterly earnings data on Monday, March 4th. The company reported ($0.22) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.05. Akoya Biosciences had a negative net margin of 65.53% and a negative return on equity of 110.24%. The business had revenue of $26.49 million during the quarter, compared to the consensus estimate of $26.12 million. During the same period in the prior year, the firm earned ($0.50) EPS. On average, sell-side analysts predict that Akoya Biosciences will post -0.86 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on AKYA shares. Canaccord Genuity Group reiterated a “buy” rating and issued a $10.00 price objective on shares of Akoya Biosciences in a research note on Tuesday, March 5th. JPMorgan Chase & Co. dropped their price target on shares of Akoya Biosciences from $12.00 to $10.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 6th. Finally, UBS Group increased their price target on shares of Akoya Biosciences from $7.00 to $7.50 and gave the stock a “buy” rating in a research note on Tuesday, March 5th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Akoya Biosciences has a consensus rating of “Moderate Buy” and an average target price of $9.07.

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.