Cytek Biosciences (NASDAQ:CTKB) Shares Down 9.9% – Here’s Why

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s share price dropped 9.9% during trading on Monday . The stock traded as low as $4.15 and last traded at $4.1550. Approximately 793,162 shares traded hands during trading, an increase of 4% from the average daily volume of 762,705 shares. The stock had previously closed at $4.61.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on CTKB. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Friday, March 27th. Morgan Stanley dropped their price target on Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research report on Tuesday. Finally, Stephens dropped their price target on Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating on the stock in a research report on Wednesday. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $5.69.

Cytek Biosciences Stock Down 8.9%

The company has a market cap of $475.24 million, a P/E ratio of -6.46 and a beta of 1.22. The company has a 50 day moving average price of $4.45 and a 200-day moving average price of $4.75.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.07). Cytek Biosciences had a negative return on equity of 10.07% and a negative net margin of 36.25%.The business had revenue of $44.14 million during the quarter, compared to the consensus estimate of $44.23 million. On average, research analysts expect that Cytek Biosciences, Inc. will post -0.27 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd boosted its position in shares of Cytek Biosciences by 86.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,144 shares of the company’s stock valued at $26,000 after purchasing an additional 2,388 shares during the period. SBI Securities Co. Ltd. lifted 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 acquiring an additional 2,500 shares in the last quarter. Intech Investment Management LLC lifted its stake in Cytek Biosciences by 6.7% in the 4th quarter. Intech Investment Management LLC now owns 51,740 shares of the company’s stock worth $261,000 after acquiring an additional 3,242 shares in the last quarter. Thrivent Financial for Lutherans lifted its stake in Cytek Biosciences by 4.6% in the 3rd quarter. Thrivent Financial for Lutherans now owns 78,934 shares of the company’s stock worth $274,000 after acquiring an additional 3,495 shares in the last quarter. Finally, Deutsche Bank AG lifted its stake in Cytek Biosciences by 4.6% in the 4th quarter. Deutsche Bank AG now owns 93,139 shares of the company’s stock worth $470,000 after acquiring an additional 4,119 shares in the last quarter. Institutional investors own 69.46% of the company’s stock.

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.