Cytek Biosciences, Inc. (NASDAQ:CTKB) Receives $5.38 Consensus PT from Analysts

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) have been assigned an average rating of “Hold” from the six brokerages that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation, two have issued a hold recommendation and two have given a buy recommendation to the company. The average 12 month price target among analysts that have covered the stock in the last year is $5.3750.

Several research firms recently weighed in on CTKB. TD Cowen reissued a “buy” rating on shares of Cytek Biosciences in a research note on Thursday, January 8th. Morgan Stanley initiated 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 target on the stock. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Monday, December 29th.

Cytek Biosciences Stock Performance

Shares of NASDAQ CTKB opened at $4.32 on Friday. The stock has a 50 day moving average price of $4.58 and a 200 day moving average price of $4.61. Cytek Biosciences has a 52 week low of $2.37 and a 52 week high of $6.18. The stock has a market capitalization of $552.36 million, a PE ratio of -8.47 and a beta of 1.31.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $58.80 million. As a group, research analysts forecast that Cytek Biosciences will post -0.06 EPS for the current year.

Institutional Investors Weigh In On Cytek Biosciences

Hedge funds have recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd increased its position 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 last quarter. SBI Securities Co. Ltd. raised its stake in Cytek Biosciences by 99.6% in the fourth quarter. SBI Securities Co. Ltd. now owns 5,010 shares of the company’s stock valued at $25,000 after buying an additional 2,500 shares during the period. Intech Investment Management LLC lifted its position in shares of Cytek Biosciences by 6.7% in the fourth quarter. Intech Investment Management LLC now owns 51,740 shares of the company’s stock valued at $261,000 after buying an additional 3,242 shares during the last quarter. Thrivent Financial for Lutherans lifted its position in shares of Cytek Biosciences by 4.6% in the third quarter. Thrivent Financial for Lutherans now owns 78,934 shares of the company’s stock valued at $274,000 after buying an additional 3,495 shares during the last quarter. Finally, Deutsche Bank AG boosted its stake in shares of 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 acquiring an additional 4,119 shares during the period. 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.