Cytek Biosciences, Inc. (NASDAQ:CTKB) Receives Average Rating of “Hold” from Brokerages

Cytek Biosciences, Inc. (NASDAQ:CTKB) has been assigned an average recommendation of “Hold” from the six ratings firms that are covering the stock, Marketbeat Ratings reports. One investment 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 twelve-month price objective among brokers that have issued a report on the stock in the last year is $5.6875.

CTKB has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Friday, March 27th. Stephens reduced 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 note on Wednesday, May 13th. Finally, Morgan Stanley reduced their target price on shares of Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Tuesday, May 12th.

Cytek Biosciences Stock Up 5.6%

Shares of NASDAQ:CTKB opened at $3.77 on Friday. The firm has a 50-day simple moving average of $4.37 and a 200 day simple moving average of $4.73. The company has a market cap of $486.86 million, a PE ratio of -6.61 and a beta of 1.22. Cytek Biosciences has a fifty-two week low of $2.37 and a fifty-two week high of $6.18.

Cytek Biosciences (NASDAQ:CTKB) last posted its earnings results 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 $44.14 million for the quarter, compared to analyst estimates of $44.23 million. Cytek Biosciences had a negative net margin of 36.25% and a negative return on equity of 10.07%. As a group, research analysts forecast that Cytek Biosciences will post -0.27 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CTKB. Topline Capital Management LLC lifted its stake in shares of Cytek Biosciences by 32.7% in the 3rd quarter. Topline Capital Management LLC now owns 6,944,280 shares of the company’s stock worth $24,097,000 after acquiring an additional 1,713,020 shares during the period. Boston Partners lifted its stake in shares of Cytek Biosciences by 13,369.4% in the 4th quarter. Boston Partners now owns 5,008,309 shares of the company’s stock worth $25,297,000 after acquiring an additional 4,971,126 shares during the period. Millennium Management LLC lifted its stake in shares of Cytek Biosciences by 39.0% in the 4th quarter. Millennium Management LLC now owns 4,752,447 shares of the company’s stock worth $24,000,000 after acquiring an additional 1,334,065 shares during the period. State Street Corp lifted its stake in shares of Cytek Biosciences by 1.5% in the 4th quarter. State Street Corp now owns 4,146,964 shares of the company’s stock worth $20,942,000 after acquiring an additional 62,596 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Cytek Biosciences by 0.3% in the 4th quarter. Geode Capital Management LLC now owns 2,790,574 shares of the company’s stock worth $14,096,000 after acquiring an additional 7,125 shares during the period. 69.46% of the stock is owned by institutional investors and hedge funds.

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.