Akoya Biosciences, Inc. (NASDAQ:AKYA) President and CEO Brian McKelligon has sold shares of the company's common stock, according to a recent SEC filing. The transactions, which took place on June 6, 2024, involved the sale of 7,500 shares at a weighted average price of $2.0085, totaling approximately $15,063.
The sales were conducted under a Rule 10b5-1 trading plan, which McKelligon had adopted on August 16, 2023. This plan allows company insiders to set up a predetermined schedule for selling stocks at a time when they are not in possession of material non-public information, providing an affirmative defense against accusations of insider trading. It is reported that the shares were sold in multiple transactions with prices ranging from $2.00 to $2.03.
On the same day, McKelligon also acquired 7,500 shares of Akoya Biosciences common stock, priced at $0.303 per share, summing up to a total of $2,272. This transaction is part of an employee stock option plan, where the rights to buy shares became exercisable in increments since July 14, 2018, contingent upon McKelligon's continuous employment with the company.
Following 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 specializing in laboratory analytical instruments, often monitor the buying and selling activities of company insiders like McKelligon for insights into the firm's financial health and future prospects. The details provided in the SEC filing offer 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, falling to $18.4 million. As a result of this downturn, the company has revised its revenue guidance for the year to $104-112 million. Despite these challenges, Akoya Biosciences remains optimistic, aiming for 8-16% year-over-year growth and operational cash flow breakeven by year's end.
Analysts from Morgan Stanley (NYSE:MS), Piper Sandler, and Canaccord Genuity have adjusted their price targets for Akoya Biosciences due to these recent developments. Morgan Stanley cut 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 kept their Overweight and BUY ratings respectively.
In other company news, Akoya Biosciences announced strategic partnerships with Acrivon Therapeutics, Shanghai KR Pharmtech, and NeraCare. These collaborations aim to expand the company's reach into new clinical markets and develop companion diagnostics. Additionally, the company has completed a new manufacturing center to support reagent demand and improve margins, which are expected to drive recovery in the second half of the year.
InvestingPro Insights
Amidst the insider transactions at Akoya Biosciences, Inc. (NASDAQ:AKYA), the company's financial health and future outlook can be further assessed by looking at key metrics and insights from InvestingPro. Akoya's current market capitalization stands at $100.99 million, reflecting its position in the market. Despite a notable revenue growth of 17.89% over the last twelve months as of Q1 2024, the company's profitability remains a concern. The P/E ratio, a measure of a company's current share price relative to its per-share earnings, is negative at -1.64, indicating that the company is not currently profitable.
InvestingPro Tips highlight some challenges faced by Akoya Biosciences. Analysts have revised their earnings expectations downwards for the upcoming period, and they do not anticipate the company will be profitable this year. Moreover, the stock has experienced significant price declines over the last three, six months, and year-to-date, with a 59.0%, 53.51%, and 57.99% total return respectively. This data suggests that investors may exercise caution, considering both the insider transactions and broader market performance.
For those looking to delve deeper into Akoya Biosciences' financials and stock performance, InvestingPro offers additional insights. There are currently 8 more InvestingPro Tips available, providing a more comprehensive analysis of the company's financial health and stock valuation. These insights could be particularly valuable for investors considering the recent insider trading activities. To access these tips and enhance your investment strategy, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
While the CEO's recent transactions may provide some insight into his confidence in the company's prospects, the InvestingPro data and tips offer a broader perspective on the company's financial standing and market position. As Akoya Biosciences navigates through its financial challenges, investors are encouraged to stay informed and consider all available data in their decision-making process.
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