Morgan Stanley Has Lowered Expectations for Cytek Biosciences (NASDAQ:CTKB) Stock Price

Cytek Biosciences (NASDAQ:CTKB) had its price target cut by equities research analysts at Morgan Stanley from $9.00 to $7.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the stock. Morgan Stanley’s price target would indicate a potential upside of 181.69% from the stock’s current price.

A number of other research analysts have also recently commented on CTKB. Piper Sandler lowered their price target on Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, March 4th. TD Cowen lowered Cytek Biosciences from a “buy” rating to a “hold” rating and set a $4.00 price target on the stock. in a research note on Friday, May 9th. The Goldman Sachs Group decreased their target price on Cytek Biosciences from $3.50 to $3.00 and set a “sell” rating for the company in a research report on Monday, May 12th. Finally, Stephens reaffirmed an “overweight” rating and issued a $6.00 price objective on shares of Cytek Biosciences in a research note on Wednesday, March 19th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Cytek Biosciences presently has an average rating of “Hold” and an average target price of $5.60.

Cytek Biosciences Trading Down 3.3%

CTKB stock traded down $0.09 during trading on Wednesday, hitting $2.49. The company had a trading volume of 232,280 shares, compared to its average volume of 739,037. The business has a 50-day moving average of $3.50 and a 200-day moving average of $5.01. Cytek Biosciences has a one year low of $2.37 and a one year high of $7.63. The stock has a market cap of $314.75 million, a PE ratio of -31.06 and a beta of 1.42.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Aquatic Capital Management LLC purchased a new position in Cytek Biosciences in the 4th quarter worth $25,000. Sterling Capital Management LLC grew its position in shares of Cytek Biosciences by 799.8% in the 4th quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock worth $25,000 after buying an additional 3,455 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Cytek Biosciences by 111.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock valued at $57,000 after acquiring an additional 4,665 shares during the period. Brooklyn Investment Group raised its position in Cytek Biosciences by 992,200.0% during the first quarter. Brooklyn Investment Group now owns 9,923 shares of the company’s stock worth $40,000 after acquiring an additional 9,922 shares during the period. Finally, US Bancorp DE grew its holdings in shares of Cytek Biosciences by 9,698.2% in the first quarter. US Bancorp DE now owns 10,680 shares of the company’s stock valued at $43,000 after purchasing an additional 10,571 shares during the period. 69.46% of the stock is owned by institutional investors.

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.