Analyst Kyle Mikson CFA from Canaccord Genuity maintained a Hold rating on Akoya Biosciences (AKYA – Research Report) and keeping the price target at $3.50.
Kyle Mikson CFA has given his Hold rating due to a combination of factors affecting Akoya Biosciences. The company’s recent financial performance showed a decline in revenue, with a 19% year-over-year decrease in the fourth quarter of 2024, largely due to reduced instrument sales caused by capital purchasing constraints. Despite this, Akoya managed to maintain a stable placement of its PhenoCycler and PhenoImager instruments, aligning with expectations.
On the positive side, Akoya achieved a gross margin improvement to 67.4% in the fourth quarter, driven by operational efficiencies and a favorable product mix. The company also ended the year with a stable cash position, suggesting progress towards cash flow breakeven. However, uncertainties related to NIH funding and skepticism surrounding the merger with Quanterix, which could impact share price performance, contribute to the Hold rating. While there is potential for significant upside, the near-term challenges and volatility warrant a cautious approach.
In another report released on March 5, Piper Sandler also downgraded the stock to a Hold with a $2.40 price target.
AKYA’s price has also changed dramatically for the past six months – from $2.880 to $1.560, which is a -45.83% drop .