Stephens started coverage on Akoya Biosciences Inc AKYA with an Overweight rating and price target of $16.
The analyst views Akoya as a leader in the rapidly advancing $14 billion spatial biology market.
Relative to other players, the company has an established foothold in the spatial market with the largest installation base of around 800 instruments worldwide, the analyst writes.
With upcoming competition, Stephens believes the value proposition of Akoya’s platforms and ability to provide end-to-end solutions will drive outsized market share gains as spatial phenotyping becomes the standard for tissue sample analysis.
Additionally, through its partnerships, Akoya is further validating its platforms’ capabilities and generating the required evidence to access the $7 billion clinical market opportunity.
In the most recent quarter, the company generated sales of $17.9 million, up 37% Y/Y, and raised FY22 sales guidance to $71-74 million from $70-73 million.
Price Action: AKYA shares are up 1.14% at $12.82 on the last check Thursday.
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