Akoya Biosciences, Inc. (NASDAQ:AKYA) Sees Significant Increase in Short Interest

Akoya Biosciences, Inc. (NASDAQ:AKYA) was the target of a significant increase in short interest during the month of November. As of November 30th, there was short interest totalling 1,500,000 shares, an increase of 18.1% from the November 15th total of 1,270,000 shares. Currently, 7.5% of the company’s shares are sold short. Based on an average daily trading volume, of 228,600 shares, the short-interest ratio is presently 6.6 days.

Akoya Biosciences Stock Performance

Shares of NASDAQ:AKYA opened at $2.27 on Monday. The company has a debt-to-equity ratio of 5.62, a current ratio of 2.75 and a quick ratio of 1.85. Akoya Biosciences has a 1 year low of $1.88 and a 1 year high of $6.31. The stock has a market capitalization of $112.51 million, a price-to-earnings ratio of -1.92 and a beta of 1.22. The company’s 50 day simple moving average is $2.68 and its 200 day simple moving average is $2.50.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Craig Hallum downgraded shares of Akoya Biosciences from a “buy” rating to a “hold” rating and lowered their target price for the company from $7.00 to $5.00 in a research note on Friday, November 15th. Canaccord Genuity Group cut their price objective on Akoya Biosciences from $6.00 to $3.50 and set a “buy” rating for the company in a report on Friday, November 15th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $3.00 price objective (down from $4.00) on shares of Akoya Biosciences in a report on Tuesday, November 19th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $5.43.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Regal Investment Advisors LLC raised its position in Akoya Biosciences by 64.3% in the second quarter. Regal Investment Advisors LLC now owns 18,760 shares of the company’s stock valued at $44,000 after purchasing an additional 7,340 shares during the last quarter. Barclays PLC boosted its holdings in Akoya Biosciences by 320.9% in the third quarter. Barclays PLC now owns 39,472 shares of the company’s stock valued at $107,000 after acquiring an additional 30,095 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Akoya Biosciences by 16.2% in 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. GSA Capital Partners LLP raised its stake in Akoya Biosciences by 87.4% during the third quarter. GSA Capital Partners LLP now owns 310,669 shares of the company’s stock worth $845,000 after buying an additional 144,903 shares during the last quarter. Finally, State Street Corp lifted its holdings in Akoya Biosciences by 4.2% in the third quarter. State Street Corp now owns 453,296 shares of the company’s stock valued at $1,233,000 after buying an additional 18,361 shares during the period. Institutional investors own 79.42% of the company’s stock.

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.