Cytek Biosciences (NASDAQ:CTKB) Price Target Raised to $5.00

Cytek Biosciences (NASDAQ:CTKB) had its price target boosted by TD Cowen from $4.00 to $5.00 in a report released on Thursday, MarketBeat Ratings reports. The brokerage currently has a buy rating on the stock.

CTKB has been the subject of several other research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Monday, December 29th. Cowen reiterated a “buy” rating on shares of Cytek Biosciences in a research note on Thursday. Piper Sandler dropped their target price on Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating for the company in a report on Tuesday, November 11th. Zacks Research lowered Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 4th. Finally, Morgan Stanley assumed coverage on Cytek Biosciences in a research report on Monday, December 1st. They issued an “equal weight” rating and a $6.00 price target on the stock. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $5.50.

Cytek Biosciences Price Performance

NASDAQ:CTKB opened at $5.45 on Thursday. Cytek Biosciences has a one year low of $2.37 and a one year high of $7.30. The company has a fifty day moving average price of $5.07 and a 200 day moving average price of $4.24. The stock has a market cap of $696.84 million, a P/E ratio of -54.49 and a beta of 1.30.

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

Institutional Trading of Cytek Biosciences

Hedge funds have recently modified their holdings of the stock. Topline Capital Management LLC raised its position in Cytek Biosciences by 255.7% in the 2nd quarter. Topline Capital Management LLC now owns 5,231,260 shares of the company’s stock worth $17,786,000 after purchasing an additional 3,760,485 shares during the last quarter. Wellington Management Group LLP acquired a new stake in shares of Cytek Biosciences in the 3rd quarter valued at $8,817,000. Millennium Management LLC increased its stake in shares of Cytek Biosciences by 269.6% in the 3rd quarter. Millennium Management LLC now owns 3,418,382 shares of the company’s stock valued at $11,862,000 after buying an additional 2,493,610 shares during the period. AQR Capital Management LLC raised its position in shares of Cytek Biosciences by 89.6% during the second quarter. AQR Capital Management LLC now owns 1,238,393 shares of the company’s stock worth $4,211,000 after acquiring an additional 585,116 shares during the last quarter. Finally, Royce & Associates LP lifted its stake in shares of Cytek Biosciences by 26.9% during the third quarter. Royce & Associates LP now owns 1,763,262 shares of the company’s stock valued at $6,119,000 after acquiring an additional 373,456 shares during the period. 69.46% of the stock is owned by institutional investors.

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.