Cytek Biosciences (NASDAQ:CTKB) Trading Up 3.2% – Should You Buy?

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) were up 3.2% during trading on Monday . The company traded as high as $5.20 and last traded at $5.16. Approximately 829,941 shares were traded during mid-day trading, an increase of 4% from the average daily volume of 796,417 shares. The stock had previously closed at $5.00.

Wall Street Analyst Weigh In

Several equities research analysts have commented on CTKB shares. Piper Sandler lowered their target price on shares of Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating for the company in a research note on Tuesday, November 11th. TD Cowen reissued a “buy” rating on shares of Cytek Biosciences in a report on Thursday, January 8th. Morgan Stanley began coverage on shares of Cytek Biosciences in a research report on Monday, December 1st. They issued an “equal weight” rating and a $6.00 price objective for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytek Biosciences in a report on Monday, December 29th. Finally, Zacks Research cut Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 4th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Cytek Biosciences currently has an average rating of “Hold” and a consensus price target of $5.50.

Cytek Biosciences Stock Performance

The stock has a fifty day simple moving average of $5.22 and a 200-day simple moving average of $4.46. The stock has a market cap of $659.76 million, a P/E ratio of -51.59 and a beta of 1.30.

Institutional Investors Weigh In On Cytek Biosciences

Several institutional investors have recently bought and sold shares of the company. Topline Capital Management LLC grew its stake in shares of 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 in the last quarter. Wellington Management Group LLP acquired a new position in Cytek Biosciences during the third quarter worth $8,817,000. Millennium Management LLC boosted its holdings in 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 last quarter. AQR Capital Management LLC grew its position in Cytek Biosciences by 89.6% in the second quarter. AQR Capital Management LLC now owns 1,238,393 shares of the company’s stock valued at $4,211,000 after purchasing an additional 585,116 shares in 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 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.