Akoya Biosciences, Inc. (Nasdaq: AKYA) President and Chief Executive Officer Brian McKelligon has sold shares of the company’s common stock, according to a recent SEC filing. The transaction, which took place on June 6, 2024, involved the sale of 7,500 shares at a weighted average price of $2.0085, for a total of approximately $15,063.
The sale was made pursuant to McKelligon’s Rule 10b5-1 Exchange Plan adopted on August 16, 2023. Provide an aggressive defense against insider trading charges. It is reported that the shares have been sold in multiple transactions at prices ranging from $2.00 to $2.03.
On the same day, McKelligon also acquired 7,500 shares of Akoya Biosciences common stock at a price of $0.303 per share, for a total of $2,272. The transaction is part of an employee stock option plan, with the right to purchase shares gradually exercisable starting July 14, 2018, depending on McKelligon’s continued employment with the company.
Following the completion of these transactions, the CEO now directly owns 224,733 shares of the company’s common stock. In addition, he holds options representing the right to purchase a total of 353,129 shares, which are scheduled to vest over time, subject to continued employment.
Investors and followers of Akoya Biosciences, a company that specializes in laboratory analytical instruments, often monitor the buying and selling activity of company insiders such as McKelligon to gain insight into the company’s financial health and future prospects. The details provided in SEC filings provide transparency into these insider transactions and are available for public record.
In other recent news, Akoya Biosciences reported a 14% decline in total revenue for the first quarter of 2024, to $18.4 million. The company has revised its revenue guidance for this year to $104 to $112 million due to the economic downturn. Despite these challenges, Akoya Biosciences remains optimistic, targeting annual growth of 8-16% and operating cash flow breakeven by the end of the year.
Analysts at Morgan Stanley, Piper Sandler and Canaccord Genuity have adjusted their price targets for Akoya Biosciences in light of recent developments. Morgan Stanley lowered its price target to $4.00 from $8.00 but maintained an overweight rating. Piper Sandler and Canaccord Genuity also lowered their price targets to $6.00 but maintained Overweight and Buy ratings, respectively.
In other company news, Akoya Biosciences announced strategic partnerships with Acrivon Therapeutics, Shanghai-based KR Pharmtech and NeraCare. These collaborations are designed to expand the company’s presence in new clinical markets and develop companion diagnostics. In addition, the company completed a new manufacturing center to support reagent demand and improve margins, which is expected to drive recovery in the second half of the year.
Investment Professional Insights
Insider trading on Akoya Biosciences, Inc. (NASDAQ: AKYA ) can further evaluate the company’s financial health and future prospects by checking out InvestingPro’s key metrics and insights. Akoya’s current market capitalization is $100.99 million, reflecting its market position. Despite significant revenue growth of 17.89% in the trailing twelve months to Q1 2024, the company’s profitability remains a concern. The price-to-earnings ratio, which measures the company’s current share price relative to its earnings per share, is -1.64, indicating that the company is not currently profitable.
InvestingPro Tips highlights some of the challenges facing Akoya Biosciences. Analysts have lowered their profit forecasts for the period ahead, saying they don’t expect the company to make a profit this year. Additionally, the stock has experienced significant price declines over the past three months, six months, and year-to-date, with total returns of 59.0%, 53.51%, and 57.99%, respectively. The data suggests investors may be exercising caution given insider trading and broader market performance.
For those looking to delve deeper into Akoya Biosciences’ financials and stock performance, InvestingPro provides additional insights. There are currently 8 InvestingPro Tips available that provide a more comprehensive analysis of a company’s financial health and stock valuation. These insights may be particularly valuable for investors considering recent insider trading activity. To access these tips and enhance your investing strategy, use the coupon code PRONEWS24 Annual or biennial Pro and Pro+ subscriptions receive an additional 10% discount.
While the CEO’s recent transactions may provide some insight into his confidence in the company’s prospects, InvestingPro’s data and tips provide a broader perspective on a company’s financial health and market position. As Akoya Biosciences navigates financial challenges, investors are encouraged to stay informed and consider all available data in their decision-making processes.
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