Cytek Biosciences (NASDAQ:CTKB) Given New $3.00 Price Target at The Goldman Sachs Group

Cytek Biosciences (NASDAQ:CTKB) had its target price reduced by The Goldman Sachs Group from $3.50 to $3.00 in a research note published on Monday,Benzinga reports. The Goldman Sachs Group currently has a sell rating on the stock.

Several other research firms also recently issued reports on CTKB. Stephens restated an “overweight” rating and set a $6.00 price objective on shares of Cytek Biosciences in a report on Wednesday, March 19th. TD Cowen lowered Cytek Biosciences from a “buy” rating to a “hold” rating and set a $4.00 price objective for the company. in a research report on Friday. Finally, Piper Sandler reduced their price target on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a research report on Tuesday, March 4th.

Cytek Biosciences Trading Up 3.4%

Shares of NASDAQ:CTKB opened at $3.02 on Monday. The stock’s 50-day moving average price is $3.87 and its two-hundred day moving average price is $5.24. Cytek Biosciences has a 12-month low of $2.87 and a 12-month high of $7.63. The firm has a market cap of $385.35 million, a price-to-earnings ratio of -37.75 and a beta of 1.42.

Cytek Biosciences (NASDAQ:CTKB) last announced its earnings results on Thursday, May 8th. The company reported ($0.09) EPS for the quarter, missing the consensus estimate of ($0.04) by ($0.05). The company had revenue of $41.46 million for the quarter, compared to analysts’ expectations of $43.18 million. Cytek Biosciences had a negative net margin of 5.05% and a negative return on equity of 2.58%. As a group, research analysts forecast that Cytek Biosciences will post -0.06 earnings per share for the current fiscal year.

Institutional Trading of Cytek Biosciences

Several institutional investors have recently modified their holdings of CTKB. Dimensional Fund Advisors LP raised its position in shares of Cytek Biosciences by 16.7% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,830,432 shares of the company’s stock worth $11,880,000 after purchasing an additional 262,607 shares during the period. Northern Trust Corp lifted its stake in Cytek Biosciences by 11.4% in the 4th quarter. Northern Trust Corp now owns 1,188,331 shares of the company’s stock worth $7,712,000 after acquiring an additional 121,268 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Cytek Biosciences by 3.9% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,104,889 shares of the company’s stock worth $4,431,000 after purchasing an additional 41,899 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Cytek Biosciences by 58.3% during the 4th quarter. JPMorgan Chase & Co. now owns 947,683 shares of the company’s stock valued at $6,150,000 after acquiring an additional 349,146 shares during the last quarter. Finally, CenterBook Partners LP acquired a new position in shares of Cytek Biosciences during the 1st quarter valued at about $3,390,000. Institutional investors and hedge funds own 69.46% of the company’s stock.

About Cytek Biosciences

Cytek Biosciences, Inc, a cell analysis solutions company, provides cell analysis tools that facilitates scientific advances in biomedical research and clinical applications. It offers aurora and northern lights systems, which are spectrum flow cytometers that delivers cell analysis by utilizing the fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells; and aurora cell sorter system that leverages full spectrum profiling technology to further broaden potential applications across cell analysis; aurora CS systems; amnis imagestream imaging flow cytometers; guava muse cell analyzers; guava easycyte flow cytometers; and orion reagent cocktail preparation systems.