Cytek Biosciences, Inc. (NASDAQ:CTKB) Receives Average Rating of “Hold” from Analysts

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) have earned a consensus recommendation of “Hold” from the seven analysts that are covering the company, Marketbeat.com reports. Two analysts have rated the stock with a sell rating, two have issued a hold rating and three have issued a buy rating on the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $5.50.

A number of equities analysts recently weighed in on CTKB shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Monday, December 29th. Morgan Stanley started coverage on shares of Cytek Biosciences in a research note on Monday, December 1st. They set an “equal weight” rating and a $6.00 price objective for the company. TD Cowen reiterated a “buy” rating on shares of Cytek Biosciences in a report on Thursday, January 8th. Finally, Piper Sandler cut 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 Trading of Cytek Biosciences

A number of hedge funds have recently modified their holdings of CTKB. SBI Securities Co. Ltd. boosted 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 worth $25,000 after buying an additional 2,500 shares during the period. Federated Hermes Inc. raised its position in Cytek Biosciences by 150.9% during the second quarter. Federated Hermes Inc. now owns 7,221 shares of the company’s stock valued at $25,000 after buying an additional 4,343 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in Cytek Biosciences by 86.6% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 5,144 shares of the company’s stock worth $26,000 after acquiring an additional 2,388 shares in the last quarter. CIBC Bancorp USA Inc. purchased a new stake in Cytek Biosciences in the 3rd quarter worth about $43,000. Finally, Captrust Financial Advisors acquired a new stake in Cytek Biosciences during the 2nd quarter worth about $43,000. Hedge funds and other institutional investors own 69.46% of the company’s stock.

Cytek Biosciences Stock Performance

NASDAQ CTKB opened at $4.22 on Monday. Cytek Biosciences has a 1 year low of $2.37 and a 1 year high of $6.18. The business’s fifty day moving average is $4.88 and its two-hundred day moving average is $4.58. The stock has a market capitalization of $539.57 million, a P/E ratio of -8.27 and a beta of 1.31.

Cytek Biosciences (NASDAQ:CTKB) last released its quarterly earnings data on Thursday, February 26th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of $0.02 by ($0.36). The company had revenue of $62.14 million for the quarter, compared to the consensus estimate of $58.80 million. Cytek Biosciences had a negative return on equity of 7.70% and a negative net margin of 33.02%. On average, research analysts forecast that Cytek Biosciences will post -0.06 earnings per share for the current year.

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.