Cytek Biosciences (NASDAQ:CTKB) Trading Down 8.6% – Time to Sell?

Cytek Biosciences, Inc. (NASDAQ:CTKB) shares dropped 8.6% on Monday . The stock traded as low as $4.45 and last traded at $4.3950. Approximately 189,283 shares changed hands during trading, a decline of 81% from the average session volume of 1,014,185 shares. The stock had previously closed at $4.81.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on CTKB shares. Stephens lowered their price objective on Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating on the stock in a report on Wednesday, May 13th. Weiss Ratings reissued a “sell (d-)” rating on shares of Cytek Biosciences in a report on Wednesday, June 24th. Finally, Morgan Stanley set a $5.00 target price on Cytek Biosciences in a research report on Friday, August 7th. Three 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. Based on data from MarketBeat, Cytek Biosciences presently has an average rating of “Hold” and a consensus target price of $5.56.

Cytek Biosciences Stock Down 9.0%

The stock’s 50-day moving average price is $4.44 and its 200 day moving average price is $4.37. The firm has a market capitalization of $568.66 million, a price-to-earnings ratio of -7.06 and a beta of 1.17.

Cytek Biosciences (NASDAQ:CTKB) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) earnings per share for the quarter, hitting the consensus estimate of ($0.09). The firm had revenue of $48.14 million for the quarter, compared to the consensus estimate of $47.31 million. Cytek Biosciences had a negative net margin of 38.98% and a negative return on equity of 12.40%. On average, sell-side analysts anticipate that Cytek Biosciences, Inc. will post -0.3 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Simcoe Capital LLC acquired a new stake in Cytek Biosciences during the fourth quarter worth $1,507,000. GSA Capital Partners LLP purchased a new position in shares of Cytek Biosciences during the second quarter worth $742,000. PDT Partners LLC purchased a new position in shares of Cytek Biosciences during the second quarter worth $385,000. Pallas Capital Advisors LLC acquired a new stake in shares of Cytek Biosciences in the second quarter valued at $50,000. Finally, Quantinno Capital Management LP grew its stake in shares of Cytek Biosciences by 72.7% in the first quarter. Quantinno Capital Management LP now owns 51,212 shares of the company’s stock valued at $224,000 after buying an additional 21,564 shares in the last quarter. 69.46% of the stock is owned by hedge funds and other institutional investors.

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.