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

Cytek Biosciences, Inc. (NASDAQ:CTKB) has received a consensus rating of “Hold” from the six research firms that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among analysts that have covered the stock in the last year is $5.6875.

A number of research analysts recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Wednesday, June 24th. Morgan Stanley cut their target price on Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research note on Tuesday, May 12th. Finally, Stephens reduced their price target on Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating for the company in a report on Wednesday, May 13th.

Institutional Trading of Cytek Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Topline Capital Management LLC lifted its stake in shares of Cytek Biosciences by 32.7% in the third quarter. Topline Capital Management LLC now owns 6,944,280 shares of the company’s stock worth $24,097,000 after buying an additional 1,713,020 shares in the last quarter. Boston Partners increased its position 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 valued at $25,297,000 after acquiring an additional 4,971,126 shares in the last quarter. Millennium Management LLC increased its position in shares of Cytek Biosciences by 39.0% during the fourth quarter. Millennium Management LLC now owns 4,752,447 shares of the company’s stock valued at $24,000,000 after acquiring an additional 1,334,065 shares in the last quarter. State Street Corp raised its holdings in 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 last quarter. Finally, Geode Capital Management LLC raised its holdings in 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 last quarter. 69.46% of the stock is currently owned by institutional investors.

Cytek Biosciences Price Performance

Shares of NASDAQ CTKB opened at $4.59 on Friday. Cytek Biosciences has a 1 year low of $3.09 and a 1 year high of $6.18. The firm has a 50-day moving average of $4.16 and a 200 day moving average of $4.53. The stock has a market cap of $592.75 million, a P/E ratio of -8.05 and a beta of 1.17.

Cytek Biosciences (NASDAQ:CTKB) last announced its earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). Cytek Biosciences had a negative net margin of 36.25% and a negative return on equity of 10.07%. The business had revenue of $44.13 million for the quarter, compared to the consensus estimate of $44.23 million. Research analysts expect that Cytek Biosciences will post -0.22 earnings per share for the current fiscal year.

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.