Cytek Biosciences, Inc. (NASDAQ:CTKB) Receives $5.50 Average PT from Analysts

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) have received a consensus recommendation of “Hold” from the eight analysts that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and four have given a buy recommendation to the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $5.50.

Several equities analysts have recently commented on the company. Cowen reiterated a “buy” rating on shares of Cytek Biosciences in a research note on Thursday, January 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Monday, December 29th. TD Cowen boosted their price target on shares of Cytek Biosciences from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Thursday, January 8th. Piper Sandler cut their price target on shares of Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating for the company in a report on Tuesday, November 11th. Finally, Zacks Research lowered Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th.

Cytek Biosciences Trading Up 1.1%

Shares of CTKB stock opened at $5.62 on Friday. Cytek Biosciences has a twelve month low of $2.37 and a twelve month high of $6.18. The company has a market capitalization of $718.57 million, a PE ratio of -56.19 and a beta of 1.30. The firm has a fifty day simple moving average of $5.20 and a 200-day simple moving average of $4.30.

Institutional Trading of Cytek Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of CTKB. Pallas Capital Advisors LLC acquired a new position in Cytek Biosciences during the 2nd quarter valued at $48,000. Bank of Montreal Can lifted its position in shares of Cytek Biosciences by 110.7% during the 2nd quarter. Bank of Montreal Can now owns 33,072 shares of the company’s stock worth $112,000 after buying an additional 17,379 shares during the period. Public Employees Retirement System of Ohio boosted its stake in shares of Cytek Biosciences by 448.0% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 68,906 shares of the company’s stock valued at $234,000 after purchasing an additional 56,333 shares in the last quarter. Caxton Associates LLP bought a new stake in Cytek Biosciences during the first quarter worth about $409,000. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in Cytek Biosciences by 97.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 31,067 shares of the company’s stock worth $117,000 after purchasing an additional 15,351 shares in the last quarter. 69.46% of the stock is currently owned by institutional investors and hedge funds.

About Cytek Biosciences

Cytek Biosciences is a biotechnology company specializing in innovative cell analysis solutions. The firm develops and commercializes advanced spectral flow cytometry instruments and associated reagents designed to enable high-parameter single-cell analysis. Its technology platform offers researchers and clinicians enhanced sensitivity, resolution and flexibility compared to traditional flow cytometry methods.

The company’s core product portfolio includes the Aurora and Northern Lights spectral cytometry systems, which support simultaneous detection of up to 64 fluorescence parameters.