Akoya Biosciences, Inc. (NASDAQ:AKYA) Short Interest Down 5.9% in March

Akoya Biosciences, Inc. (NASDAQ:AKYA - Get Free Report) saw a significant drop in short interest in the month of March. As of March 31st, there was short interest totalling 988,400 shares, a drop 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 days-to-cover ratio is currently 4.8 days. Approximately 4.7% of the shares of the company are short sold.

Akoya Biosciences Price Performance

Shares of NASDAQ:AKYA traded down $0.03 during midday trading on Tuesday, hitting $3.98. The company's stock had a trading volume of 310,081 shares, compared to its average volume of 199,709. The business's 50 day simple moving average is $5.06 and its 200 day simple moving average is $4.64. The company has a debt-to-equity ratio of 1.41, a quick ratio of 2.94 and a current ratio of 3.45. 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 12-month low of $3.04 and a 12-month high of $8.80.

Akoya Biosciences (NASDAQ:AKYA - Get Free Report) last released 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 firm had revenue of $26.49 million during the quarter, compared to analysts' expectations of $26.12 million. During the same period last year, the business earned ($0.50) earnings per share. On average, analysts forecast that Akoya Biosciences will post -0.86 EPS for the current year.

Insider Activity at Akoya Biosciences

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

Institutional Investors Weigh In On Akoya Biosciences

Hedge funds and other institutional investors have recently bought and sold shares of the company. Nisa Investment Advisors LLC increased its position in Akoya Biosciences by 10,169.5% during the fourth quarter. Nisa Investment Advisors LLC now owns 6,059 shares of the company's stock worth $30,000 after purchasing an additional 6,000 shares during the last quarter. UBS Group AG increased its position in shares of Akoya Biosciences by 154.9% during the first quarter. UBS Group AG now owns 4,158 shares of the company's stock valued at $34,000 after acquiring an additional 2,527 shares during the last quarter. Lazard Asset Management LLC acquired a new position in shares of Akoya Biosciences in the fourth quarter valued at approximately $36,000. Barclays PLC grew its holdings in shares of Akoya Biosciences by 533.0% in the fourth quarter. Barclays PLC now owns 4,235 shares of the company's stock valued at $40,000 after purchasing an additional 3,566 shares in the last quarter. Finally, Citigroup Inc. acquired a new position in shares of Akoya Biosciences in the second quarter valued at approximately $40,000. 79.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

AKYA has been the topic of several recent analyst reports. UBS Group increased their price objective on shares of Akoya Biosciences from $7.00 to $7.50 and gave the company a "buy" rating in a report on Tuesday, March 5th. JPMorgan Chase & Co. decreased their price objective on shares of Akoya Biosciences from $12.00 to $10.00 and set an "overweight" rating on the stock in a report on Wednesday, March 6th. Finally, Canaccord Genuity Group reissued a "buy" rating and issued a $10.00 price target on shares of Akoya Biosciences in a research note on Tuesday, March 5th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target 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.