BTIG downgraded Akoya Biosciences to Neutral from Buy without a price target. Akoya lowered its 2024 revenue guidance in back-to-back quarters and announced its third workforce reduction in 13 months, the analyst tells investors in a research note. The firm thinks it will take longer than expected to see Akoya return to meaningful revenue growth, and BTIG is also concerned about the board and management’s repeated moves to cut headcount ahead of investing to grow the business, which makes it concerned about employee morale and employee motivation levels and the company’s ability to meaningfully return to growth in 2025, BTIG says.
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