Analysts Set Cytek Biosciences, Inc. (NASDAQ:CTKB) Price Target at $5.50

Cytek Biosciences, Inc. (NASDAQ:CTKB) has been assigned a consensus recommendation of “Hold” from the seven brokerages that are covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, two have given a hold recommendation and three have assigned a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $5.50.

A number of equities analysts recently commented on CTKB shares. TD Cowen reiterated a “buy” rating on shares of Cytek Biosciences in a research report on Thursday, January 8th. Zacks Research downgraded Cytek Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 4th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Monday, December 29th. Morgan Stanley began coverage on shares of Cytek Biosciences in a report on Monday, December 1st. They issued an “equal weight” rating and a $6.00 target price for the company. Finally, Piper Sandler lowered their price target on shares of Cytek Biosciences from $8.00 to $7.50 and set an “overweight” rating on the stock in a report on Tuesday, November 11th.

Institutional Investors Weigh In On Cytek Biosciences

A number of institutional investors have recently bought and sold shares of the business. SBI Securities Co. Ltd. lifted its position in shares of Cytek Biosciences by 99.6% in the fourth quarter. SBI Securities Co. Ltd. now owns 5,010 shares of the company’s stock valued at $25,000 after acquiring an additional 2,500 shares in the last quarter. Federated Hermes Inc. lifted its holdings in Cytek Biosciences by 150.9% in the 2nd quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock worth $25,000 after purchasing an additional 4,343 shares in the last quarter. Vanguard Personalized Indexing Management LLC purchased a new position in Cytek Biosciences in the 2nd quarter worth approximately $42,000. CIBC Bancorp USA Inc. bought a new position in Cytek Biosciences in the 3rd quarter worth approximately $43,000. Finally, Captrust Financial Advisors purchased a new stake in Cytek Biosciences during the 2nd quarter valued at approximately $43,000. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Trading Down 0.2%

CTKB opened at $4.46 on Thursday. Cytek Biosciences has a 1-year low of $2.37 and a 1-year high of $6.18. The company has a market capitalization of $570.26 million, a PE ratio of -44.60 and a beta of 1.30. The firm’s 50 day simple moving average is $5.12 and its two-hundred day simple moving average is $4.51.

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.