Cytek Biosciences (NASDAQ:CTKB) Trading Up 6.3% – What’s Next?

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) were up 6.3% on Tuesday . The stock traded as high as $5.65 and last traded at $5.6150. Approximately 508,051 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 1,018,099 shares. The stock had previously closed at $5.28.

Wall Street Analyst Weigh In

CTKB has been the subject of several analyst reports. Morgan Stanley set a $5.00 price target on Cytek Biosciences in a research note on Friday, August 7th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Monday. Three equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $5.56.

Cytek Biosciences Price Performance

The stock has a 50 day moving average of $4.67 and a two-hundred day moving average of $4.44. The stock has a market capitalization of $738.29 million, a PE ratio of -9.16 and a beta of 1.18.

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

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new stake in shares of Cytek Biosciences during the 2nd quarter worth approximately $42,433,000. Hhlr Advisors LTD. purchased a new stake in Cytek Biosciences during the second quarter worth $29,491,000. Dimensional Fund Advisors LP boosted its position 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 purchasing an additional 16,438 shares in the last quarter. Bank of America Corp DE acquired a new stake in Cytek Biosciences in the second quarter valued at $5,827,000. Finally, Susquehanna International Group LLP increased its position in shares of Cytek Biosciences by 1,117.1% in the second quarter. Susquehanna International Group LLP now owns 681,705 shares of the company’s stock valued at $3,020,000 after buying an additional 625,695 shares in the last quarter. 69.46% of the stock is owned by hedge funds and other institutional investors.

About Cytek Biosciences

Cytek Biosciences, Inc (NASDAQ: CTKB) develops and manufactures cell analysis solutions for research, clinical, and biopharmaceutical applications. The company is best known for its full-spectrum flow cytometry technology, which is designed to measure multiple cellular characteristics simultaneously and support the analysis of complex biological samples.

Cytek’s product portfolio includes the Aurora and Northern Lights flow cytometers, which serve a range of laboratory needs from high-parameter research to more routine cell analysis.