Cytek Biosciences (NASDAQ:CTKB) Trading 6.6% Higher

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price traded up 6.6% during mid-day trading on Monday . The stock traded as high as $6.14 and last traded at $6.14. 459,914 shares traded hands during trading, a decline of 36% from the average session volume of 719,975 shares. The stock had previously closed at $5.76.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group raised their price target on shares of Cytek Biosciences from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Thursday, February 29th. Piper Sandler decreased their price target on shares of Cytek Biosciences from $11.00 to $10.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 6th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Cytek Biosciences currently has an average rating of “Moderate Buy” and a consensus price target of $9.00.

Cytek Biosciences Trading Up 5.9 %

The company’s fifty day moving average price is $6.96 and its two-hundred day moving average price is $7.10.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings data on Wednesday, March 13th. The company reported $0.04 earnings per share for the quarter. The business had revenue of $58.23 million for the quarter, compared to analyst estimates of $56.66 million. Cytek Biosciences had a negative net margin of 6.29% and a negative return on equity of 1.40%. As a group, research analysts anticipate that Cytek Biosciences, Inc. will post -0.04 earnings per share for the current year.

Insider Activity at Cytek Biosciences

In related news, CTO Ming Yan sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $5.87, for a total value of $117,400.00. Following the transaction, the chief technology officer now owns 5,988,502 shares in the company, valued at $35,152,506.74. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders have sold 41,900 shares of company stock worth $266,100. Company insiders own 15.90% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CTKB. Federated Hermes Inc. purchased a new stake in shares of Cytek Biosciences during the fourth quarter valued at approximately $36,000. Sherbrooke Park Advisers LLC acquired a new stake in shares of Cytek Biosciences during the third quarter worth approximately $86,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Cytek Biosciences by 130.9% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 20,701 shares of the company’s stock worth $189,000 after buying an additional 11,734 shares in the last quarter. Cornerstone Investment Partners LLC acquired a new stake in shares of Cytek Biosciences during the first quarter worth approximately $171,000. Finally, Oregon Public Employees Retirement Fund grew its position in shares of Cytek Biosciences by 18.0% during the third quarter. Oregon Public Employees Retirement Fund now owns 29,450 shares of the company’s stock worth $163,000 after buying an additional 4,500 shares in the last quarter. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Company Profile

Cytek Biosciences, Inc, a cell analysis solutions company, provides cell analysis tools that facilitates scientific advances in biomedical research and clinical applications. It offers aurora and northern lights systems, which are spectrum flow cytometers that delivers cell analysis by utilizing the fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells; and aurora cell sorter system that leverages full spectrum profiling technology to further broaden potential applications across cell analysis; aurora CS systems; amnis imagestream imaging flow cytometers; guava muse cell analyzers; guava easycyte flow cytometers; and orion reagent cocktail preparation systems.