Cytek Biosciences (NASDAQ:CTKB) Shares Gap Down After Earnings Miss

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $4.92, but opened at $4.49. Cytek Biosciences shares last traded at $4.3660, with a volume of 382,324 shares.

The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.07). Cytek Biosciences had a negative net margin of 33.02% and a negative return on equity of 7.70%. The firm had revenue of $44.14 million during the quarter, compared to analyst estimates of $44.23 million.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Friday, March 27th. TD Cowen reiterated a “buy” rating on shares of Cytek Biosciences in a report on Thursday, January 8th. Two research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $5.38.

Institutional Investors Weigh In On Cytek Biosciences

Hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd grew its stake in Cytek Biosciences by 86.6% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,144 shares of the company’s stock valued at $26,000 after purchasing an additional 2,388 shares in the last quarter. SBI Securities Co. Ltd. grew its stake in 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 in the last quarter. Intech Investment Management LLC grew its stake in Cytek Biosciences by 6.7% during the 4th quarter. Intech Investment Management LLC now owns 51,740 shares of the company’s stock valued at $261,000 after purchasing an additional 3,242 shares in the last quarter. Thrivent Financial for Lutherans grew its stake in Cytek Biosciences by 4.6% during the 3rd quarter. Thrivent Financial for Lutherans now owns 78,934 shares of the company’s stock valued at $274,000 after purchasing an additional 3,495 shares in the last quarter. Finally, Deutsche Bank AG grew its stake in Cytek Biosciences by 4.6% during the 4th quarter. Deutsche Bank AG now owns 93,139 shares of the company’s stock valued at $470,000 after purchasing an additional 4,119 shares in the last quarter. 69.46% of the stock is currently owned by hedge funds and other institutional investors.

Cytek Biosciences Trading Down 11.3%

The business has a 50 day simple moving average of $4.48 and a two-hundred day simple moving average of $4.75. The stock has a market cap of $563.44 million, a price-to-earnings ratio of -8.52 and a beta of 1.22.

Cytek Biosciences Company Profile

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.