Cytek Biosciences, Inc. (NASDAQ:CTKB) Given Average Rating of “Hold” by Analysts

Cytek Biosciences, Inc. (NASDAQ:CTKB) has been given an average recommendation of “Hold” by the six analysts that are presently covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $5.5625.

Several equities research analysts have recently commented on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Wednesday, June 24th. Morgan Stanley set a $5.00 price objective on shares of Cytek Biosciences in a report on Friday, August 7th. Finally, Stephens cut their target price on shares of Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating for the company in a research report on Wednesday, May 13th.

Cytek Biosciences Price Performance

Shares of NASDAQ CTKB opened at $4.68 on Monday. Cytek Biosciences has a 1 year low of $3.28 and a 1 year high of $6.18. The firm has a 50-day moving average of $4.51 and a 200 day moving average of $4.36. The stock has a market cap of $608.32 million, a P/E ratio of -7.55 and a beta of 1.17.

Cytek Biosciences (NASDAQ:CTKB) last released its earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, hitting analysts’ consensus estimates of ($0.09). Cytek Biosciences had a negative return on equity of 12.40% and a negative net margin of 38.98%.The firm had revenue of $48.14 million for the quarter, compared to analysts’ expectations of $47.31 million. Research analysts expect that Cytek Biosciences will post -0.3 earnings per share for the current fiscal year.

Institutional Trading of Cytek Biosciences

Several institutional investors and hedge funds have recently modified their holdings of the company. SBI Securities Co. Ltd. boosted its stake in Cytek Biosciences by 99.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 5,010 shares of the company’s stock worth $25,000 after purchasing an additional 2,500 shares during the period. Federated Hermes Inc. lifted its holdings in shares of Cytek Biosciences by 150.9% in the second quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock worth $25,000 after buying an additional 4,343 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its holdings in shares of Cytek Biosciences by 86.6% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,144 shares of the company’s stock worth $26,000 after buying an additional 2,388 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Cytek Biosciences during the second quarter worth $29,000. Finally, CIBC Bancorp USA Inc. bought a new position in shares of Cytek Biosciences during the third quarter worth $43,000. 69.46% of the stock is currently owned by institutional investors.

Cytek Biosciences Company Profile

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.