Canaccord cut Akoya target, sees buying opportunity on selloff

Canaccord analyst Kyle Mikson lowered the firm’s price target on Akoya Biosciences to $6 from $10 and keeps a Buy rating on the shares. The firm is a “touch more cautious” about Akoya’s near-term outlook following the “disappointing” Q1 results. The company’s’ instrument placements and revenue were materially below estimates due to multiple factors, the analyst tells investors in a research note. The company believes the revenue from these factors shifted from Q1 to later in 2024, notes Canaccord, which sees a buying opportunity with the shares down 30% post the results.