Akoya Biosciences (AKYA – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Mason Carrico from Stephens maintained a Hold rating on the stock and has a $1.80 price target.
Mason Carrico has given his Hold rating due to a combination of factors affecting Akoya Biosciences. The company’s recent financial performance showed mixed results, with in-line revenue figures but a decline in instrument shipments and a slight miss in earnings per share compared to expectations. Despite a better-than-expected gross margin and operating loss, the uncertainty surrounding the pending acquisition by Quanterix adds a layer of risk.
While the acquisition could potentially offer a significant return on investment, it faces challenges such as shareholder opposition and valuation concerns. These issues, coupled with the lack of guidance from Akoya due to the acquisition, contribute to a cautious outlook. Consequently, Carrico downgraded the stock to a Hold rating, reflecting a balanced and prudent approach given the current market conditions and uncertainties surrounding the deal’s completion.
In another report released on March 23, Canaccord Genuity also reiterated a Hold rating on the stock with a $3.50 price target.