Cytek Biosciences, Inc. (NASDAQ:CTKB) Receives $5.50 Average PT from Brokerages

Cytek Biosciences, Inc. (NASDAQ:CTKB) has received a consensus recommendation of “Hold” from the seven research firms that are presently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and three have issued a buy recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $5.50.

Several equities analysts have recently weighed in on CTKB shares. Morgan Stanley began coverage on shares of Cytek Biosciences in a research report on Monday, December 1st. They set an “equal weight” rating and a $6.00 price objective for the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cytek Biosciences in a report on Monday, December 29th. TD Cowen reaffirmed a “buy” rating on shares of Cytek Biosciences in a report on Thursday, January 8th. Finally, Piper Sandler cut their price objective on Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating for the company in a research report on Tuesday, November 11th.

Cytek Biosciences Stock Performance

Shares of NASDAQ CTKB opened at $4.41 on Monday. Cytek Biosciences has a 1 year low of $2.37 and a 1 year high of $6.18. The firm has a market cap of $563.86 million, a P/E ratio of -8.65 and a beta of 1.31. The stock has a fifty day moving average price of $4.91 and a two-hundred day moving average price of $4.57.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.36). The firm had revenue of $62.14 million during the quarter, compared to analyst estimates of $58.80 million. Cytek Biosciences had a negative net margin of 33.02% and a negative return on equity of 7.70%. On average, research analysts predict that Cytek Biosciences will post -0.06 earnings per share for the current fiscal year.

Institutional Trading of Cytek Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of CTKB. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Cytek Biosciences by 86.6% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 5,144 shares of the company’s stock worth $26,000 after buying an additional 2,388 shares during the period. SBI Securities Co. Ltd. lifted its position in shares of Cytek Biosciences by 99.6% in the 4th quarter. SBI Securities Co. Ltd. now owns 5,010 shares of the company’s stock valued at $25,000 after acquiring an additional 2,500 shares in the last quarter. Intech Investment Management LLC boosted 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 purchasing an additional 3,242 shares during the period. Thrivent Financial for Lutherans boosted 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 purchasing an additional 3,495 shares during the period. Finally, Deutsche Bank AG grew its position in Cytek Biosciences by 4.6% during the 4th quarter. Deutsche Bank AG now owns 93,139 shares of the company’s stock worth $470,000 after purchasing an additional 4,119 shares in the last quarter. Institutional investors and hedge funds own 69.46% of the company’s stock.

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.