Cytek Biosciences, Inc. (NASDAQ:CTKB) Given Consensus Recommendation of “Hold” by Analysts

Shares of Cytek Biosciences, Inc. (NASDAQ:CTKB) have been assigned a consensus rating of “Hold” from the six brokerages that are presently covering the firm, MarketBeat reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and three have given a buy rating to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $5.5625.

Several research firms have recently commented on CTKB. Morgan Stanley set a $5.00 price objective on Cytek Biosciences in a report on Friday, August 7th. Stephens reduced their price target on shares of Cytek Biosciences from $5.50 to $4.75 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Cytek Biosciences in a research note on Wednesday, June 24th.

Cytek Biosciences Stock Up 1.3%

NASDAQ:CTKB opened at $4.68 on Monday. Cytek Biosciences has a twelve month low of $3.28 and a twelve month high of $6.18. The company has a fifty day moving average of $4.51 and a 200-day moving average of $4.36. The firm has a market capitalization of $608.31 million, a P/E ratio of -7.55 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) EPS for the quarter, hitting analysts’ consensus estimates of ($0.09). The business had revenue of $48.14 million during the quarter, compared to analysts’ expectations 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, analysts anticipate that Cytek Biosciences will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Cytek Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in CTKB. BlackRock Inc. bought a new position in Cytek Biosciences during the 2nd quarter valued at $42,433,000. Hhlr Advisors LTD. purchased a new stake in Cytek Biosciences in the 2nd quarter valued at about $29,491,000. Boston Partners lifted its position in shares of Cytek Biosciences by 13,369.4% during the 4th quarter. Boston Partners now owns 5,008,309 shares of the company’s stock worth $25,297,000 after buying an additional 4,971,126 shares in the last quarter. Topline Capital Management LLC boosted its stake in shares of Cytek Biosciences by 255.7% in the 2nd quarter. Topline Capital Management LLC now owns 5,231,260 shares of the company’s stock worth $17,786,000 after buying an additional 3,760,485 shares during the last quarter. Finally, Wellington Management Group LLP bought a new position in shares of Cytek Biosciences in the third quarter valued at approximately $8,817,000. Institutional investors and hedge funds own 69.46% of the company’s stock.

Cytek Biosciences Company Profile

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.