Cytek Biosciences (NASDAQ:CTKB) Trading Up 8.5% – Here’s Why

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price was up 8.5% during trading on Monday . The stock traded as high as $4.52 and last traded at $4.5550. Approximately 601,077 shares traded hands during mid-day trading, a decline of 41% from the average daily volume of 1,023,583 shares. The stock had previously closed at $4.20.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cytek Biosciences in a report on Wednesday, June 24th. Stephens cut their price target on shares of Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating on the stock in a report on Wednesday, May 13th. Finally, Morgan Stanley set a $5.00 price objective on shares of Cytek Biosciences in a report on Friday. Three equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Cytek Biosciences presently has a consensus rating of “Hold” and an average price target of $5.56.

Cytek Biosciences Trading Up 8.5%

The company has a market cap of $592.06 million, a price-to-earnings ratio of -7.33 and a beta of 1.17. The firm has a 50-day moving average price of $4.32 and a 200 day moving average price of $4.40.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.09). The business had revenue of $48.14 million for the quarter, compared to analyst estimates of $47.31 million. Cytek Biosciences had a negative return on equity of 12.40% and a negative net margin of 38.98%. Research analysts anticipate that Cytek Biosciences, Inc. will post -0.21 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. BlackRock Inc. acquired a new position in shares of Cytek Biosciences in the 2nd quarter valued at about $42,433,000. Pallas Capital Advisors LLC acquired a new stake in Cytek Biosciences during the second quarter worth about $50,000. Deutsche Bank AG acquired a new stake in Cytek Biosciences during the second quarter worth about $496,000. Bank of New York Mellon Corp bought a new position in Cytek Biosciences in the second quarter worth about $1,645,000. Finally, GSA Capital Partners LLP bought a new position in Cytek Biosciences in the second quarter worth about $742,000. 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.