Cytek Biosciences, Inc. (NASDAQ:CTKB) Receives $5.69 Consensus Target Price from Analysts

Cytek Biosciences, Inc. (NASDAQ:CTKB) has earned a consensus rating of “Hold” from the six brokerages that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and three have assigned a buy rating to the company. The average 12-month target price among analysts that have covered the stock in the last year is $5.6875.

Several equities analysts have issued reports on CTKB shares. Morgan Stanley cut their price target on shares of Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating on the stock in a report on Tuesday, May 12th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Wednesday, June 24th. Finally, Stephens dropped their target price on Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th.

Cytek Biosciences Stock Performance

Shares of Cytek Biosciences stock opened at $4.31 on Thursday. The company has a market capitalization of $556.59 million, a PE ratio of -7.56 and a beta of 1.17. The company has a 50-day simple moving average of $4.30 and a two-hundred day simple moving average of $4.44. Cytek Biosciences has a one year low of $3.28 and a one year high of $6.18.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). The firm had revenue of $44.13 million during the quarter, compared to analysts’ expectations of $44.23 million. Cytek Biosciences had a negative return on equity of 10.07% and a negative net margin of 36.25%. On average, equities analysts predict that Cytek Biosciences will post -0.21 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cytek Biosciences

A number of large investors have recently modified their holdings of the business. Boston Partners lifted its stake in shares of Cytek Biosciences by 13,369.4% during the fourth quarter. Boston Partners now owns 5,008,309 shares of the company’s stock worth $25,297,000 after buying an additional 4,971,126 shares during the period. Topline Capital Management LLC increased its position in shares of Cytek Biosciences by 255.7% in the 2nd quarter. Topline Capital Management LLC now owns 5,231,260 shares of the company’s stock valued at $17,786,000 after acquiring an additional 3,760,485 shares during the period. Wellington Management Group LLP purchased a new position in Cytek Biosciences in the 3rd quarter worth $8,817,000. Millennium Management LLC lifted its position in Cytek Biosciences by 269.6% during the 3rd quarter. Millennium Management LLC now owns 3,418,382 shares of the company’s stock worth $11,862,000 after acquiring an additional 2,493,610 shares during the period. Finally, Russell Investments Group Ltd. lifted its position in Cytek Biosciences by 527.6% during the 4th quarter. Russell Investments Group Ltd. now owns 1,001,127 shares of the company’s stock worth $5,056,000 after acquiring an additional 841,614 shares during the period. Hedge funds and other institutional investors own 69.46% of the company’s stock.

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.