Analysts Set Cytek Biosciences, Inc. (NASDAQ:CTKB) PT at $5.38

Cytek Biosciences, Inc. (NASDAQ:CTKB) has been assigned an average recommendation of “Hold” from the six brokerages that are covering the firm, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating on the company. The average 1-year price objective among brokerages that have issued a report on the stock in the last year is $5.3750.

A number of research firms recently issued reports on CTKB. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Friday, March 27th. TD Cowen reissued a “buy” rating on shares of Cytek Biosciences in a research note on Thursday, January 8th.

Institutional Investors Weigh In On Cytek Biosciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SBI Securities Co. Ltd. increased its position in shares of Cytek Biosciences by 99.6% during the 4th quarter. SBI Securities Co. Ltd. now owns 5,010 shares of the company’s stock valued at $25,000 after purchasing an additional 2,500 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in Cytek Biosciences by 86.6% during 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. Federated Hermes Inc. increased its position in Cytek Biosciences by 150.9% during the second quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock valued at $25,000 after acquiring an additional 4,343 shares during the last quarter. M&T Bank Corp bought a new stake in shares of Cytek Biosciences in the 4th quarter worth about $52,000. Finally, CIBC Bancorp USA Inc. bought a new stake in shares of Cytek Biosciences in the 3rd quarter worth about $43,000. 69.46% of the stock is currently owned by hedge funds and other institutional investors.

Cytek Biosciences Stock Down 8.4%

NASDAQ:CTKB opened at $4.26 on Tuesday. The business’s 50-day simple moving average is $4.42 and its two-hundred day simple moving average is $4.70. Cytek Biosciences has a 52 week low of $2.37 and a 52 week high of $6.18. The stock has a market cap of $544.68 million, a PE ratio of -8.35 and a beta of 1.28.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.36). Cytek Biosciences had a negative net margin of 33.02% and a negative return on equity of 7.70%. The company had revenue of $62.14 million for the quarter, compared to the consensus estimate of $58.80 million. Sell-side analysts anticipate that Cytek Biosciences will post -0.27 earnings per share for the current fiscal year.

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.