Piper Sandler analyst David Westenberg downgraded the rating on Akoya Biosciences (AKYA – Research Report) to a Hold yesterday, setting a price target of $2.40.
David Westenberg has given his Hold rating due to a combination of factors surrounding the pending acquisition of Akoya Biosciences by Quanterix. The proposed deal involves Akoya shareholders receiving 0.318 shares of Quanterix for each Akoya share, which translates to a price target of $2.40 based on current market values. This acquisition is anticipated to close in the second quarter of 2025, and while Quanterix’s stock hasn’t reacted positively, the merger is expected to create a comprehensive proteomics platform.
Despite the potential synergies from the merger, including an estimated $40 million in annual cost savings by 2026, Westenberg’s Hold rating reflects uncertainties. These include the market’s reaction to the acquisition, competition, and evolving technologies. The deal’s success hinges on the realization of these synergies and the market’s acknowledgment of the combined entity’s potential in the spatial biology sector.