Cytek Biosciences (NASDAQ:CTKB) Stock Jumps 5.3% – Time to Buy?

Cytek Biosciences, Inc. (NASDAQ:CTKB)’s stock price shot up 5.3% on Friday. The stock traded as high as $5.75 and last traded at $5.8120. Approximately 478,633 shares were traded during trading, a decline of 56% from the average daily volume of 1,091,524 shares. The stock had previously closed at $5.52.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CTKB. Wall Street Zen upgraded Cytek Biosciences from a “hold” rating to a “buy” rating in a report on Saturday, November 7th. Morgan Stanley set a $5.00 price target on shares of Cytek Biosciences in a report on Friday, August 7th. Stephens boosted their price objective on shares of Cytek Biosciences from $6.00 to $7.00 and gave the company an “overweight” rating in a research report on Tuesday, November 10th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Cytek Biosciences in a research report on Monday, September 21st. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $5.67.

Cytek Biosciences Price Performance

The business has a 50 day simple moving average of $5.50 and a 200 day simple moving average of $4.68. The stock has a market cap of $763.76 million, a PE ratio of -9.27 and a beta of 1.15.

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

Institutional Trading of Cytek Biosciences

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new stake in Cytek Biosciences in the second quarter worth approximately $42,433,000. Hhlr Advisors LTD. bought a new position in shares of Cytek Biosciences during the 2nd quarter valued at $29,491,000. Dimensional Fund Advisors LP lifted its stake in shares of Cytek Biosciences by 0.6% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,663,329 shares of the company’s stock valued at $11,638,000 after purchasing an additional 16,438 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in shares of Cytek Biosciences by 60.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,428,747 shares of the company’s stock valued at $14,475,000 after purchasing an additional 917,432 shares during the last quarter. Finally, Bank of America Corp DE acquired a new stake in shares of Cytek Biosciences in the 2nd quarter valued at $5,827,000. 69.46% of the stock is currently owned by institutional investors and hedge funds.

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.