Brokerages Set Cytek Biosciences, Inc. (NASDAQ:CTKB) PT at $5.50

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) have earned an average recommendation of “Hold” from the seven brokerages that are covering the firm, MarketBeat.com reports. Two investment analysts have rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokers that have covered the stock in the last year is $5.50.

A number of brokerages have issued reports on CTKB. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Monday, December 29th. TD Cowen reiterated a “buy” rating on shares of Cytek Biosciences in a research report on Thursday, January 8th. Morgan Stanley started coverage on Cytek Biosciences in a research report on Monday, December 1st. They issued an “equal weight” rating and a $6.00 price target on the stock. Zacks Research cut Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 4th. Finally, Piper Sandler dropped their price objective on Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating for the company in a report on Tuesday, November 11th.

Cytek Biosciences Trading Down 0.7%

Cytek Biosciences stock opened at $4.47 on Thursday. The company has a market cap of $571.53 million, a PE ratio of -44.70 and a beta of 1.30. Cytek Biosciences has a 1 year low of $2.37 and a 1 year high of $6.18. The company’s 50-day moving average is $5.14 and its two-hundred day moving average is $4.50.

Institutional Trading of Cytek Biosciences

A number of hedge funds have recently modified their holdings of CTKB. Topline Capital Management LLC grew its holdings in Cytek Biosciences by 32.7% during the third quarter. Topline Capital Management LLC now owns 6,944,280 shares of the company’s stock valued at $24,097,000 after purchasing an additional 1,713,020 shares during the period. Millennium Management LLC raised its holdings in Cytek Biosciences by 269.6% in 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. Geode Capital Management LLC boosted its position in shares of Cytek Biosciences by 1.6% during the second quarter. Geode Capital Management LLC now owns 2,729,593 shares of the company’s stock worth $9,282,000 after purchasing an additional 42,916 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Cytek Biosciences in the 3rd quarter valued at $8,817,000. Finally, Royce & Associates LP increased its position in shares of 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 in the last quarter. 69.46% of the stock is currently owned by institutional investors and hedge funds.

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.