BTIG Downgrades Akoya Biosciences Inc (AKYA) to Neutral

BTIG analyst Mark Massaro downgraded Akoya Biosciences Inc (NASDAQ: AKYA) from Buy to Neutral.

The analyst comments "AKYA announced its third workforce reduction in 13 months, and lowered its 2024 revenue guidance in back-to-back quarters. Investor concerns have ranged from constrained budgets in the tools market and lengthening of selling cycles, to timing of profitability, to competition, and now we are seeing guide downs at a time when AKYA is making big reductions in headcount. With this second consecutive revenue guide down and additional workforce reduction, we think it will take longer than we expected for investors (and us) to see AKYA return to meaningful revenue growth. We are concerned about the Board and management's repeated moves to cut headcount ahead of investing to grow the business, which gives us concerns about employee morale and motivation levels and the firm's ability to meaningfully return to growth in 2025. We downgrade AKYA from Buy to Neutral."

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 $2.15 yesterday.

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