Cytek Biosciences (NASDAQ:CTKB) Price Target Raised to $7.00

Cytek Biosciences (NASDAQ:CTKB) had its price objective hoisted by Stephens from $6.00 to $7.00 in a research note released on Tuesday morning,Benzinga reports. Stephens currently has an overweight rating on the stock.

A number of other research analysts have also weighed in on CTKB. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytek Biosciences in a report on Monday, September 21st. Morgan Stanley set a $5.00 target price on Cytek Biosciences in a report on Friday, August 7th. Finally, Wall Street Zen upgraded Cytek Biosciences from a “hold” rating to a “buy” rating in a research report on Saturday, November 7th. Two equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $5.67.

Cytek Biosciences Price Performance

Shares of CTKB opened at $5.52 on Tuesday. The firm has a market capitalization of $721.91 million, a PE ratio of -8.76 and a beta of 1.15. Cytek Biosciences has a 1-year low of $3.31 and a 1-year high of $6.34. The company’s fifty day moving average price is $5.48 and its 200-day moving average price is $4.68.

Cytek Biosciences (NASDAQ:CTKB) last issued its earnings results on Wednesday, November 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.02. Cytek Biosciences had a negative return on equity of 13.13% and a negative net margin of 39.10%. The company had revenue of $53.23 million during the quarter, compared to analyst estimates of $53.05 million. As a group, research analysts anticipate that Cytek Biosciences will post -0.36 EPS for the current fiscal year.

Institutional Investors Weigh In On Cytek Biosciences

Several hedge funds have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. raised its stake in shares of Cytek Biosciences by 60.7% during the 3rd quarter. Russell Investments Group Ltd. now owns 2,428,747 shares of the company’s stock valued at $14,475,000 after buying an additional 917,432 shares during the last quarter. CenterBook Partners LP boosted its stake in shares of Cytek Biosciences by 16.0% in the third quarter. CenterBook Partners LP now owns 173,020 shares of the company’s stock worth $1,031,000 after buying an additional 23,840 shares during the last quarter. Squarepoint Ops LLC boosted its stake in shares of Cytek Biosciences by 227.2% in the second quarter. Squarepoint Ops LLC now owns 82,776 shares of the company’s stock worth $367,000 after buying an additional 57,480 shares during the last quarter. AXQ Capital LP grew its holdings in Cytek Biosciences by 43.6% during the second quarter. AXQ Capital LP now owns 28,299 shares of the company’s stock worth $125,000 after acquiring an additional 8,591 shares during the period. Finally, Susquehanna International Group LLP grew its holdings in Cytek Biosciences by 1,117.1% during the second quarter. Susquehanna International Group LLP now owns 681,705 shares of the company’s stock worth $3,020,000 after acquiring an additional 625,695 shares during the period. 69.46% of the stock is owned by hedge funds and other institutional investors.

Cytek Biosciences Company Profile

Cytek Biosciences develops, manufactures and sells cell analysis instruments and related products used by researchers and clinical laboratories. Its systems use flow cytometry to analyze cells and other particles, supporting work in areas such as immunology, oncology and infectious disease research. The company’s product portfolio includes the Aurora and Northern Lights spectral flow cytometry systems and Amnis imaging flow cytometers. Cytek also offers reagents, software, technical support and other services that help customers prepare samples, collect and interpret data, and maintain their instruments.