Cytek Biosciences (NASDAQ:CTKB) Shares Down 9.9% – What’s Next?

Cytek Biosciences, Inc. (NASDAQ:CTKB) was down 9.9% during trading on Monday . The company traded as low as $4.15 and last traded at $4.1550. Approximately 793,162 shares were traded during trading, an increase of 4% from the average daily volume of 762,705 shares. The stock had previously closed at $4.61.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Friday, March 27th. Two equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Cytek Biosciences presently has a consensus rating of “Hold” and an average price target of $5.38.

Cytek Biosciences Stock Performance

The stock has a 50 day moving average of $4.48 and a 200-day moving average of $4.75. The firm has a market capitalization of $532.06 million, a P/E ratio of -7.23 and a beta of 1.22.

Cytek Biosciences (NASDAQ:CTKB) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.07). Cytek Biosciences had a negative net margin of 36.25% and a negative return on equity of 10.07%. The firm had revenue of $44.14 million during the quarter, compared to the consensus estimate of $44.23 million. As a group, sell-side analysts expect that Cytek Biosciences, Inc. will post -0.27 EPS for the current year.

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 CTKB. Boston Partners raised its stake in Cytek Biosciences by 13,369.4% in the 4th quarter. Boston Partners now owns 5,008,309 shares of the company’s stock valued at $25,297,000 after acquiring an additional 4,971,126 shares during the period. Topline Capital Management LLC increased its position in shares of Cytek Biosciences by 255.7% during the second quarter. Topline Capital Management LLC now owns 5,231,260 shares of the company’s stock valued at $17,786,000 after buying an additional 3,760,485 shares during the period. Wellington Management Group LLP bought a new stake in shares of Cytek Biosciences during the third quarter valued at about $8,817,000. Millennium Management LLC increased its position in shares of Cytek Biosciences by 269.6% during the third quarter. Millennium Management LLC now owns 3,418,382 shares of the company’s stock valued at $11,862,000 after buying an additional 2,493,610 shares during the period. Finally, Russell Investments Group Ltd. increased its position in shares of Cytek Biosciences by 527.6% during the fourth quarter. Russell Investments Group Ltd. now owns 1,001,127 shares of the company’s stock valued at $5,056,000 after buying an additional 841,614 shares during the period. 69.46% of the stock is currently owned by institutional investors.

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.