Cytek Biosciences (NASDAQ:CTKB) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Cytek Biosciences (NASDAQ:CTKB) from a hold rating to a buy rating in a research report released on Saturday,Wall Street Zen reports.

Several other brokerages also recently commented on CTKB. Morgan Stanley set a $5.00 price objective on shares of Cytek Biosciences in a research report on Friday, August 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytek Biosciences in a report on Monday, September 21st. Finally, Stephens reiterated an “overweight” rating and issued a $6.00 price target on shares of Cytek Biosciences in a research note on Friday, October 23rd. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $5.88.

Cytek Biosciences Trading Up 1.0%

Cytek Biosciences stock opened at $5.89 on Friday. The firm has a 50 day moving average of $5.42 and a 200 day moving average of $4.67. The firm has a market capitalization of $765.58 million, a price-to-earnings ratio of -9.35 and a beta of 1.15. Cytek Biosciences has a 12-month low of $3.31 and a 12-month high of $6.34.

Cytek Biosciences (NASDAQ:CTKB) last released its earnings results on Wednesday, November 4th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. Cytek Biosciences had a negative net margin of 39.10% and a negative return on equity of 13.04%. The company had revenue of $53.23 million for the quarter, compared to analysts’ expectations of $53.05 million. On average, analysts predict that Cytek Biosciences will post -0.36 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quantbot Technologies LP purchased a new position in Cytek Biosciences during the second quarter valued at $29,000. Pallas Capital Advisors LLC bought a new stake in Cytek Biosciences in the 2nd quarter valued at $50,000. Two Sigma Securities LLC bought a new stake in Cytek Biosciences in the 2nd quarter valued at $50,000. Legal & General Group Plc bought a new stake in Cytek Biosciences in the 2nd quarter valued at $52,000. Finally, Hsbc Holdings PLC purchased a new stake in Cytek Biosciences in the 2nd quarter worth $86,000. 69.46% of the stock is currently owned by institutional investors.

Cytek Biosciences Company Profile

Cytek Biosciences, Inc develops and commercializes cell analysis solutions for biomedical research, clinical research and biopharmaceutical applications. The company focuses on spectral flow cytometry, a technology that enables researchers to analyze multiple characteristics of individual cells and identify complex cell populations.

Its product portfolio includes the Aurora and Northern Lights spectral flow cytometers, compact and specialized instruments, cell sorters, software and a range of fluorescent reagents.