Cytek Biosciences, Inc. (NASDAQ:CTKB) Given Average Rating of “Hold” by Brokerages

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

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

Cytek Biosciences Stock Performance

Shares of NASDAQ:CTKB opened at $4.36 on Thursday. The company has a market capitalization of $557.47 million, a PE ratio of -43.60 and a beta of 1.30. The company’s fifty day moving average is $5.08 and its 200-day moving average is $4.52. Cytek Biosciences has a 52 week low of $2.37 and a 52 week high of $6.18.

Hedge Funds Weigh In On Cytek Biosciences

Several large investors have recently made changes to their positions in CTKB. Bank of Montreal Can grew its stake in shares of Cytek Biosciences by 110.7% during the second quarter. Bank of Montreal Can now owns 33,072 shares of the company’s stock worth $112,000 after purchasing an additional 17,379 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Cytek Biosciences by 97.7% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 31,067 shares of the company’s stock worth $117,000 after buying an additional 15,351 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Cytek Biosciences by 331.8% in the 2nd quarter. PNC Financial Services Group Inc. now owns 16,478 shares of the company’s stock valued at $56,000 after acquiring an additional 12,662 shares during the last quarter. Dynamic Technology Lab Private Ltd raised its position in shares of Cytek Biosciences by 244.1% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 45,714 shares of the company’s stock valued at $155,000 after acquiring an additional 32,427 shares during the period. Finally, Los Angeles Capital Management LLC bought a new position in Cytek Biosciences during the 2nd quarter worth approximately $52,000. Institutional investors and hedge funds own 69.46% of the company’s stock.

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.