Akoya Biosciences (NASDAQ:AKYA) Issues Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Akoya Biosciences (NASDAQ:AKYA) announced its quarterly earnings data on Monday. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.03), Zacks reports. Akoya Biosciences had a negative net margin of 66.77% and a negative return on equity of 162.99%. The firm had revenue of $16.64 million during the quarter, compared to analysts’ expectations of $20.19 million.

Akoya Biosciences Stock Performance

Shares of AKYA opened at $1.02 on Wednesday. The company has a 50-day simple moving average of $1.31 and a 200-day simple moving average of $2.07. The company has a quick ratio of 1.85, a current ratio of 2.75 and a debt-to-equity ratio of 5.62. The company has a market capitalization of $50.62 million, a PE ratio of -0.86 and a beta of 1.34. Akoya Biosciences has a 52-week low of $0.98 and a 52-week high of $3.42.

Hedge Funds Weigh In On Akoya Biosciences

A hedge fund recently raised its stake in Akoya Biosciences stock. Bank of America Corp DE increased its stake in Akoya Biosciences, Inc. (NASDAQ:AKYA) by 39.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,092 shares of the company’s stock after purchasing an additional 8,258 shares during the quarter. Bank of America Corp DE owned 0.06% of Akoya Biosciences worth $67,000 at the end of the most recent quarter. 79.42% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on AKYA shares. Canaccord Genuity Group dropped their price objective on shares of Akoya Biosciences from $3.50 to $1.80 and set a “hold” rating on the stock in a research report on Tuesday, April 29th. Stephens reiterated an “equal weight” rating and set a $1.80 price target (down previously from $3.50) on shares of Akoya Biosciences in a research note on Tuesday, March 25th. Finally, Piper Sandler reduced their target price on shares of Akoya Biosciences from $2.40 to $1.65 and set a “neutral” rating for the company in a research note on Monday, April 14th. Seven analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $3.21.

About Akoya Biosciences

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.