BUZZ-Akoya Biosciences falls after slashing annual revenue forecast

Reuters
2024-11-15
BUZZ-Akoya Biosciences falls after slashing annual revenue forecast

** Scientific tools maker Akoya Biosciences' AKYA.O shares fall 21.1% to $2.47 premarket

** On Thursday, co forecast 2024 rev. between $80 mln and $85 mln, lower than prior range of $96 mln to $104 mln

** Co makes products used by academics and biotechs to detect and map cell types and biomarkers, to help them understand patient response to therapy

** Since 2023, high interest rates have forced biotech companies, clients of life science firms, to cut spending

** Co posted Q3 sales of $18.8 mln, missing avg analysts' est. of $25.4 mln - LSEG

** As of last close, stock has fallen ~36% YTD

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))

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