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

Cytek Biosciences, Inc. (NASDAQ:CTKB) has received a consensus recommendation of “Hold” from the eight research firms that are currently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price objective among brokers that have covered the stock in the last year is $5.50.

A number of analysts have recently commented on the company. Zacks Research cut Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 4th. Piper Sandler cut their price target 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. Morgan Stanley began coverage on Cytek Biosciences in a research note on Monday, December 1st. They issued an “equal weight” rating and a $6.00 price objective for the company. TD Cowen raised their target price on shares of Cytek Biosciences from $4.00 to $5.00 and gave the stock a “buy” rating in a research report on Thursday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Monday, December 29th.

Institutional Investors Weigh In On Cytek Biosciences

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

Cytek Biosciences Trading Up 0.4%

Shares of Cytek Biosciences stock opened at $5.45 on Friday. The company has a fifty day simple moving average of $5.07 and a 200-day simple moving average of $4.24. The stock has a market cap of $696.84 million, a price-to-earnings ratio of -54.49 and a beta of 1.30. Cytek Biosciences has a 12-month low of $2.37 and a 12-month high of $7.30.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings results on Tuesday, November 28th. The company reported $0.04 earnings per share for the quarter. Cytek Biosciences had a negative net margin of 6.51% and a negative return on equity of 3.35%. The firm had revenue of $40.48 million during the quarter. On average, analysts forecast that Cytek Biosciences will post -0.06 earnings per share for the current fiscal year.

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.