Cytek Biosciences, Inc. (NASDAQ:CTKB) Receives Average Rating of “Hold” from Brokerages

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) have earned an average recommendation of “Hold” from the six analysts that are covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $5.6875.

A number of equities research analysts have weighed in on the company. Morgan Stanley lowered their price objective on Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating for the company in a research note on Tuesday. Stephens lowered their price objective on Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Friday, March 27th.

Cytek Biosciences Stock Up 1.2%

Shares of NASDAQ CTKB opened at $3.40 on Friday. Cytek Biosciences has a fifty-two week low of $2.37 and a fifty-two week high of $6.18. The business has a 50 day moving average price of $4.41 and a two-hundred day moving average price of $4.74. The firm has a market cap of $439.09 million, a PE ratio of -5.96 and a beta of 1.22.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.15) earnings per share 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 business had revenue of $44.14 million for the quarter, compared to analyst estimates of $44.23 million. On average, analysts anticipate that Cytek Biosciences will post -0.27 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in CTKB. Boston Partners grew its position in shares of Cytek Biosciences by 13,369.4% in the 4th quarter. Boston Partners now owns 5,008,309 shares of the company’s stock worth $25,297,000 after acquiring an additional 4,971,126 shares in the last quarter. Topline Capital Management LLC grew its position in shares of Cytek Biosciences by 255.7% in the 2nd quarter. Topline Capital Management LLC now owns 5,231,260 shares of the company’s stock worth $17,786,000 after acquiring an additional 3,760,485 shares in the last quarter. Wellington Management Group LLP acquired a new position in shares of Cytek Biosciences in the 3rd quarter worth approximately $8,817,000. Millennium Management LLC grew its position in shares of Cytek Biosciences by 269.6% in the 3rd quarter. Millennium Management LLC now owns 3,418,382 shares of the company’s stock worth $11,862,000 after acquiring an additional 2,493,610 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its position in shares of Cytek Biosciences by 527.6% in the 4th quarter. Russell Investments Group Ltd. now owns 1,001,127 shares of the company’s stock worth $5,056,000 after acquiring an additional 841,614 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.