Cytek Biosciences (NASDAQ:CTKB) Shares Down 8.6% – Time to Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares were down 8.6% during trading on Monday . The stock traded as low as $4.45 and last traded at $4.3950. Approximately 189,283 shares changed hands during trading, a decline of 81% from the average daily volume of 1,014,185 shares. The stock had previously closed at $4.81.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Wednesday, June 24th. Morgan Stanley set a $5.00 price objective on Cytek Biosciences in a report on Friday, August 7th. Finally, Stephens decreased their target price on Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. Three research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $5.56.

Cytek Biosciences Stock Up 3.2%

The company has a market cap of $595.31 million, a P/E ratio of -7.39 and a beta of 1.17. The company has a fifty day moving average of $4.46 and a 200 day moving average of $4.36.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, meeting analysts’ consensus estimates of ($0.09). The company had revenue of $48.14 million during the quarter, compared to analysts’ expectations of $47.31 million. Cytek Biosciences had a negative return on equity of 12.40% and a negative net margin of 38.98%. As a group, research analysts forecast that Cytek Biosciences, Inc. will post -0.3 EPS for the current year.

Institutional Trading of Cytek Biosciences

Large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC boosted its stake in shares of Cytek Biosciences by 394.4% during the 1st quarter. AQR Capital Management LLC now owns 653,277 shares of the company’s stock worth $2,620,000 after acquiring an additional 521,135 shares during the last quarter. Jane Street Group LLC increased its stake in shares of Cytek Biosciences by 412.2% in the 1st quarter. Jane Street Group LLC now owns 344,169 shares of the company’s stock worth $1,380,000 after purchasing an additional 276,972 shares in the last quarter. Acadian Asset Management LLC bought a new position in Cytek Biosciences in the 1st quarter worth $162,000. Strs Ohio purchased a new position in Cytek Biosciences during the first quarter valued at $105,000. Finally, Creative Planning grew its holdings in Cytek Biosciences by 455.4% during the second quarter. Creative Planning now owns 55,677 shares of the company’s stock valued at $189,000 after purchasing an additional 45,652 shares during the period. 69.46% of the stock is currently owned by institutional investors.

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.