Piper Sandler lowered the firm’s price target on Akoya Biosciences (AKYA) to $3 from $4 and keeps an Overweight rating on the shares. Despite a tough quarter, the firm sees reason for optimism on Akoya. First, the company mentioned it’s looking at strategic alternatives and the instrument side of its business is cash flow neutral, meaning it could possibly be an accretive acquisition to potential acquirers. Secondly, the company can likely find non-dilutive financing through companion diagnostic deals in the next year. Finally, with the lapping of tough comps and eventually an improved end market environment, Piper thinks out-year numbers are achievable.
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