Cytek Biosciences (NASDAQ:CTKB) Shares Gap Up – Here’s Why

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares gapped up before the market opened on Friday . The stock had previously closed at $4.57, but opened at $4.99. Cytek Biosciences shares last traded at $5.0340, with a volume of 1,477,032 shares trading hands.

Analyst Ratings Changes

CTKB has been the topic of several research analyst reports. Zacks Research cut Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 4th. Piper Sandler dropped their target price on Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating on the stock in a research report on Tuesday, November 11th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Cytek Biosciences in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $5.50.

Cytek Biosciences Trading Up 20.4%

The stock has a 50 day moving average of $4.02 and a 200-day moving average of $3.65. The company has a market capitalization of $703.23 million, a P/E ratio of -54.99 and a beta of 1.33.

Cytek Biosciences (NASDAQ:CTKB) last released its earnings results on Tuesday, November 28th. The company reported $0.04 EPS for the quarter. The company had revenue of $40.48 million for the quarter. Cytek Biosciences had a negative net margin of 6.51% and a negative return on equity of 3.35%. As a group, sell-side analysts expect that Cytek Biosciences, Inc. will post -0.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Jacobs Levy Equity Management Inc. bought a new stake in shares of Cytek Biosciences during the first quarter valued at approximately $2,841,000. Principal Financial Group Inc. grew its stake in Cytek Biosciences by 2.7% during the first quarter. Principal Financial Group Inc. now owns 520,743 shares of the company’s stock valued at $2,088,000 after acquiring an additional 13,818 shares in the last quarter. Nuveen LLC bought a new stake in Cytek Biosciences in the 1st quarter valued at $1,223,000. American Century Companies Inc. lifted its stake in Cytek Biosciences by 13.4% in the 1st quarter. American Century Companies Inc. now owns 232,175 shares of the company’s stock worth $931,000 after purchasing an additional 27,430 shares in the last quarter. Finally, Pallas Capital Advisors LLC purchased a new stake in Cytek Biosciences in the 2nd quarter worth $48,000. 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.