On April 22, 2023, it was announced that Essex Investment Management Co. LLC had purchased a new stake in Akoya Biosciences, Inc. (NASDAQ:AKYA) during the fourth quarter. This purchase marks an exciting investment opportunity for the institutional investor as the company continues to grow and innovate within the field of biosciences.
According to the most recent disclosure with the Securities and Exchange Commission (SEC), Essex Investment Management Co. LLC acquired 130,988 shares of Akoya Biosciences’ stock, which were valued at approximately $1,254,000. With this purchase, Essex Investment Management Co. LLC now owns about 0.35% of Akoya Biosciences at the end of the most recent quarter.
Although this purchase is exciting news for both companies involved, it is important to note that Akoya Biosciences reported ($0.50) earnings per share (EPS) for the previous quarter on March 6th. This missed analyst consensus estimates of ($0.41) by ($0.09). Despite this setback, Akoya Biosciences remains optimistic about their future as they continue their work in innovating and expanding within their industry.
The company had revenue of $21.22 million during this same period which was slightly higher than analyst estimates of $20.85 million but the negative return on equity of 85.35% and a negative net margin of 94.36% seems strikingly disheartening.
On average, equities analysts anticipate that Akoya Biosciences will post -1.8 earnings per share for the current year which is quite worrisome not only for its investors but also its management team.
In conclusion, while this new investment from Essex Investment Management Co. LLC may be a positive step forward for both companies involved, it is crucial that Akoya Biosciences focuses on improving their financial performance in order to ensure long-term success and profitability. Nonetheless, history has shown us that innovation and perseverance can go a long way in the world of biosciences where every advancement is a move closer to fulfilling the goal of improved health outcomes for millions across the world.
Akoya Biosciences Attracts Interest from Hedge Funds and Institutional Investors
Akoya Biosciences, a leading provider of spatial biology solutions, has recently caught the attention of several hedge funds that have either added to or reduced their stakes in the company. Legato Capital Management LLC bought a new position in Akoya Biosciences during the fourth quarter worth $467,000, while DekaBank Deutsche Girozentrale acquired a new stake in the company worth about $522,000.
ZWJ Investment Counsel Inc. also increased its holdings in Akoya Biosciences by 3.7% during the fourth quarter and now owns 42,000 shares of the company’s stock valued at $402,000. These purchases show that investors are confident about the future prospects of Akoya Biosciences and are keen to be part of its growth story.
Bank of New York Mellon Corp is another institutional investor that has increased its holdings in shares of Akoya Biosciences by 16.2% during the third quarter. With an additional purchase of over 10,547 shares during this period, Bank of New York Mellon Corp now owns 75,837 shares of the company’s stock worth $891,000.
Finally, Advisory Research Inc. bought a new position worth approximately $989,000 during the third quarter itself. It further showcases confidence among institutional investors in Akoya Biosciences’ leading spatial biology platform for high-throughput cellular biomarker analysis.
Currently traded on NASDAQ under symbol AKYA with market capitalization around $450M as analysed on April 22nd , 2023 , it is noteworthy that over one-third (34.61%)of the stock is owned by institutional investors and hedge funds- evidently concluding towards a current high degree interest prevailing among institutional investors on this biotech leader.
Shares of Akoya Biosciences currently opened at $7.13 on Friday with fifty-two week low at $6.63 and fifty-two week high coming out to be worth $16.57, showcasing a positive trend overall. The company’s 50-day moving average and two-hundred day moving average price stand at $9.43 and $10.98 respectively – suggesting a technical corrective phase.
In conclusion, it is evident that Akoya Biosciences has cemented its leading position in the spatial biology industry with the increasing interest among institutional investors and hedge funds. This gives the biotech leader an impetus to continue developing innovative products and solutions in its field, further expanding its market reach and paving the way for industry growth overall.