Brokerages Set Cytek Biosciences, Inc. (NASDAQ:CTKB) PT at $5.69

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) have received an average recommendation of “Hold” from the six ratings firms that are covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $5.6875.

Several research analysts have recently issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Friday, March 27th. Morgan Stanley reduced their price target on Cytek Biosciences from $6.00 to $5.50 and set an “equal weight” rating on the stock in a research report on Tuesday, May 12th. Finally, Stephens reduced their target price on Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating on the stock in a report on Wednesday, May 13th.

Cytek Biosciences Price Performance

NASDAQ:CTKB opened at $3.96 on Wednesday. Cytek Biosciences has a 12-month low of $2.90 and a 12-month high of $6.18. The firm has a market capitalization of $511.41 million, a P/E ratio of -6.95 and a beta of 1.18. The stock’s fifty day simple moving average is $4.27 and its 200-day simple moving average is $4.64.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.08) by ($0.07). Cytek Biosciences had a negative return on equity of 10.07% and a negative net margin of 36.25%.The company had revenue of $44.14 million during the quarter, compared to the consensus estimate of $44.23 million. As a group, equities research analysts expect that Cytek Biosciences will post -0.22 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE lifted its holdings in Cytek Biosciences by 17.9% during the first quarter. Bank of America Corp DE now owns 1,009,054 shares of the company’s stock worth $4,410,000 after acquiring an additional 152,893 shares in the last quarter. Quantinno Capital Management LP lifted its holdings in Cytek Biosciences by 72.7% during the first quarter. Quantinno Capital Management LP now owns 51,212 shares of the company’s stock worth $224,000 after acquiring an additional 21,564 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Cytek Biosciences by 0.6% during the first quarter. Dimensional Fund Advisors LP now owns 2,663,329 shares of the company’s stock worth $11,638,000 after acquiring an additional 16,438 shares in the last quarter. Illinois Municipal Retirement Fund bought a new position in Cytek Biosciences during the first quarter worth about $266,000. Finally, Fifth Third Bancorp lifted its holdings in Cytek Biosciences by 2,631.3% during the first quarter. Fifth Third Bancorp now owns 24,909 shares of the company’s stock worth $109,000 after acquiring an additional 23,997 shares in the last quarter. 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.