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Short Interest in Akoya Biosciences, Inc. (NASDAQ:AKYA) Declines By 5.2%

Defense World · Jan 31, 2023 02:52

Akoya Biosciences, Inc. (NASDAQ:AKYA – Get Rating) was the target of a large decline in short interest during the month of January. As of January 15th, there was short interest totalling 571,500 shares, a decline of 5.2% from the December 31st total of 602,700 shares. Based on an average daily trading volume, of 126,700 shares, the days-to-cover ratio is presently 4.5 days. Approximately 3.4% of the company's stock are sold short.

Wall Street Analysts Forecast Growth

AKYA has been the topic of a number of recent research reports. Capital One Financial started coverage on shares of Akoya Biosciences in a report on Thursday, November 3rd. They issued an "overweight" rating and a $19.00 target price on the stock. BTIG Research dropped their price objective on shares of Akoya Biosciences to $18.00 in a research note on Tuesday, November 15th. Finally, Stephens started coverage on shares of Akoya Biosciences in a research note on Wednesday, October 5th. They issued an "overweight" rating and a $16.00 price objective on the stock. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average target price of $17.80.

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Akoya Biosciences Stock Performance

NASDAQ:AKYA opened at $10.87 on Tuesday. The company has a quick ratio of 3.11, a current ratio of 3.53 and a debt-to-equity ratio of 0.71. Akoya Biosciences has a fifty-two week low of $8.02 and a fifty-two week high of $16.57. The stock has a market cap of $412.63 million, a PE ratio of -5.88 and a beta of 0.97. The firm's fifty day simple moving average is $11.14 and its 200-day simple moving average is $12.30.

Akoya Biosciences (NASDAQ:AKYA – Get Rating) last posted its quarterly earnings results on Monday, November 7th. The company reported ($0.47) earnings per share for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.07). Akoya Biosciences had a negative return on equity of 70.53% and a negative net margin of 99.49%. The company had revenue of $18.85 million for the quarter, compared to analyst estimates of $17.80 million. Analysts expect that Akoya Biosciences will post -1.8 earnings per share for the current fiscal year.

Insider Transactions at Akoya Biosciences

In other news, Director Garry Ph.D. Nolan sold 3,810 shares of the business's stock in a transaction that occurred on Thursday, November 10th. The shares were sold at an average price of $13.31, for a total transaction of $50,711.10. Following the completion of the sale, the director now owns 618,978 shares in the company, valued at approximately $8,238,597.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Garry Ph.D. Nolan sold 3,810 shares of Akoya Biosciences stock in a transaction on Thursday, November 10th. The shares were sold at an average price of $13.31, for a total value of $50,711.10. Following the transaction, the director now directly owns 618,978 shares of the company's stock, valued at approximately $8,238,597.18. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Joseph Driscoll sold 24,613 shares of Akoya Biosciences stock in a transaction on Wednesday, December 14th. The shares were sold at an average price of $12.54, for a total transaction of $308,647.02. Following the completion of the transaction, the chief financial officer now directly owns 12,500 shares in the company, valued at $156,750. The disclosure for this sale can be found here. In the last quarter, insiders sold 30,523 shares of company stock worth $387,201. 9.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Akoya Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in AKYA. Nisa Investment Advisors LLC acquired a new position in shares of Akoya Biosciences during the 2nd quarter worth $26,000. BNP Paribas Arbitrage SNC purchased a new stake in shares of Akoya Biosciences in the 3rd quarter worth about $89,000. American International Group Inc. boosted its position in shares of Akoya Biosciences by 10.8% in the 2nd quarter. American International Group Inc. now owns 7,381 shares of the company's stock worth $95,000 after buying an additional 718 shares in the last quarter. JPMorgan Chase & Co. boosted its position 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 worth $108,000 after buying an additional 2,138 shares in the last quarter. Finally, MetLife Investment Management LLC purchased a new stake in shares of Akoya Biosciences in the 3rd quarter worth about $116,000. 34.61% of the stock is owned by institutional investors and hedge funds.

Akoya Biosciences Company Profile

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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.