Akoya Biosciences (NASDAQ:AKYA) Releases Quarterly Earnings Results

Akoya Biosciences (NASDAQ:AKYA) issued its quarterly earnings data on Monday. The company reported ($0.27) earnings per share for the quarter, meeting the consensus estimate of ($0.27), Yahoo Finance reports. The company had revenue of $23.16 million for the quarter, compared to analyst estimates of $23.61 million. Akoya Biosciences had a negative net margin of 72.68% and a negative return on equity of 111.80%. During the same period in the prior year, the firm earned ($0.51) earnings per share. Akoya Biosciences updated its FY 2024 guidance to EPS.

Akoya Biosciences Price Performance

AKYA stock traded down $0.05 during midday trading on Wednesday, reaching $1.96. The company had a trading volume of 231,396 shares, compared to its average volume of 261,715. The company has a market capitalization of $96.80 million, a price-to-earnings ratio of -1.37 and a beta of 1.34. The company has a debt-to-equity ratio of 2.33, a current ratio of 3.07 and a quick ratio of 2.38. Akoya Biosciences has a 1-year low of $1.88 and a 1-year high of $6.55. The stock has a 50 day moving average price of $2.26 and a 200-day moving average price of $3.74.

Analyst Upgrades and Downgrades

AKYA has been the topic of several research analyst reports. JPMorgan Chase & Co. cut shares of Akoya Biosciences from an “overweight” rating to a “neutral” rating in a report on Tuesday. Morgan Stanley cut Akoya Biosciences from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $4.00 to $3.00 in a report on Tuesday. Craig Hallum decreased their price objective on Akoya Biosciences from $7.50 to $7.00 and set a “buy” rating on the stock in a report on Tuesday. Canaccord Genuity Group lowered their price objective on Akoya Biosciences from $10.00 to $6.00 and set a “buy” rating on the stock in a research report on Tuesday, May 14th. Finally, BTIG Research cut shares of Akoya Biosciences from a “buy” rating to a “neutral” rating in a research report on Tuesday. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $7.06.

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.