Canaccord Genuity Reiterates Hold Rating on Akoya Biosciences Inc (AKYA)

Canaccord Genuity analyst Kyle Mikson reiterated a Hold rating and $3.50 price target on Akoya Biosciences Inc (NASDAQ: AKYA).

The analyst commented: "We reiterate our HOLD rating on Akoya Biosciences (AKYA) shares and maintain our price target at $3.50. After the market close on Monday, March 17, Akoya reported 4Q24 results that were generally in line with our estimates and FactSet consensus. The top-line decline in 4Q24 was primarily driven by a decrease in instrument revenue given capital purchasing constraints. That said, AKYA's placements were generally in line with our estimates. Moreover, Akoya's cash burn decreased sequentially and AKYA almost achieved its prior objective of cash flow breakeven in 4Q24. Importantly, AKYA did not provide 2025 financial guidance (due to its pending acquisition by QTRX). We have modestly increased our estimates for 2025. Overall, we recognize multiple factors impacted Akoya's performance in 2024, and believe National Institutes of Health (NIH) funding uncertainty could negatively impact AKYA's academic research business going forward. Although investors (likely primarily QTRX shareholders) appear skeptical of the deal synergies, we recognize the value proposition of the merger. However, the near- to medium-term benefits of the combination may not be easily accomplished and share price performance may remain muted until shareholder/merger vote occurs (or merger circumstances change)."

For an analyst ratings summary and ratings history on Akoya Biosciences Inc click here. For more ratings news on Akoya Biosciences Inc click here.

Shares of Akoya Biosciences Inc closed at $1.70 yesterday.

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