Cytek Biosciences (NASDAQ:CTKB) Shares Up 8.2% – Still a Buy?

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) rose 8.2% on Monday . The company traded as high as $6.04 and last traded at $5.8950. Approximately 312,110 shares changed hands during trading, a decline of 56% from the average daily volume of 714,057 shares. The stock had previously closed at $5.45.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Cowen reaffirmed a “buy” rating on shares of Cytek Biosciences in a research report on Thursday. Morgan Stanley assumed coverage on shares of Cytek Biosciences in a 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 research note on Monday, December 29th. TD Cowen boosted their price target on Cytek Biosciences from $4.00 to $5.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Piper Sandler dropped their price objective on Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating on the stock in a research report on Tuesday, November 11th. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $5.50.

Cytek Biosciences Price Performance

The company’s 50-day simple moving average is $5.07 and its two-hundred day simple moving average is $4.25. The firm has a market capitalization of $741.59 million, a P/E ratio of -57.99 and a beta of 1.30.

Cytek Biosciences (NASDAQ:CTKB) last announced its earnings results on Tuesday, November 28th. The company reported $0.04 EPS for the quarter. The company had revenue of $40.48 million for the quarter. Cytek Biosciences had a negative return on equity of 3.35% and a negative net margin of 6.51%. Analysts predict that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current year.

Institutional Trading of Cytek Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC grew its holdings in Cytek Biosciences by 7.9% during the 4th quarter. SG Americas Securities LLC now owns 64,287 shares of the company’s stock valued at $325,000 after buying an additional 4,683 shares in the last quarter. Tudor Investment Corp ET AL bought a new position in shares of Cytek Biosciences during the third quarter worth $867,000. CIBC Bancorp USA Inc. purchased a new position in Cytek Biosciences during the third quarter valued at $43,000. Public Employees Retirement System of Ohio grew its stake in Cytek Biosciences by 17.7% during the third quarter. Public Employees Retirement System of Ohio now owns 81,106 shares of the company’s stock valued at $281,000 after acquiring an additional 12,200 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new stake in Cytek Biosciences in the 3rd quarter valued at $75,000. Institutional investors 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.